Bulk of loans extended to electric cooperatives (ECs) in the first quarter of the year were utilized for capital expenditures, according to the National Electrification Administration (NEA).
Citing data from its accounting management and guarantee department, NEA said it so far extended a total of P263.78 million loan assistance to 12 ECs for the period.
NEA said P178.45 million was used to fund the capex of 9 ECs: Tablas Island EC, Masbate EC, Iloilo II EC, Bohol I EC (BOHECO I), Bohol II EC, Leyte V EC, Bukidnon Second EC, South Cotabato I EC and Siasi EC.
Three ECs accessed loans worth P72 million for working capital: Camarines Sur III EC, Camotes EC and Negros Oriental I EC.
BOHECO I borrowed P13.33 million in calamity loan for the rehabilitation of the Janopol mini hydro power plant which was previously damaged by super typhoon Odette in 2021.
NEA has been offering financial assistance to ECs through its enhanced lending program consisting of regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, renewable energy and modular generator set loans.
