The National Electrification Administration (NEA) has granted calamity loans to additional electric cooperatives (ECs) for the rehabilitation of their power distribution facilities following the onslaught of Typhoon Tisoy last December.
The agency’s Accounts Management and Guarantee Department said P51.596 million in calamity loans were released to six power ECs in MIMAROPA, Bicol and Eastern Visayas regions for February alone.
The six ECs are Lubang Electric Cooperative (P450,443), Tablas Island Electric Cooperative (P426,936), Ticao Island Electric Cooperative (P5.982 million), Sorsogon I Electric Cooperative (P18.353 million), Sorsogon II Electric Cooperative (P5.878 million) and Northern Samar Electric Cooperative (P20.506 million).
Last January, NEA extended P31.246 million worth of financial assistance to four ECs in Bicol Region and MIMAROPA for the rehabilitation of their damaged distribution systems due to the typhoon.
The calamity loan being offered by NEA has a 10-year repayment term or based on the EC’s remaining franchise life, with a maximum grace period of one year and an interest rate of 3.25 percent per annum.
Typhoon Tisoy caused a total of P911.668 million worth of damage and losses to 27 ECs in Luzon and Visayas.
