Bulk of loans extended to electric cooperatives (ECs) as of end-November this year were utilized for capital expenditures (capex), according to the National Electrification Administration (NEA).
Citing data from its accounting management and guarantee department, NEA said it has so far extended a total of P975.54 million worth of loan assistance to 26 ECs for the period.
The state-run firm said it has breached its P700-million target releases for this year by 139.36 percent.
Of the P975.54 million, 48.7 percent or P474.69 million funded the capex of 19 ECs mostly in Mindanao, NEA added.
ECs from Mindanao that availed loans for their capex include the Basilan EC, Bukidnon Second EC, Davao del Sur EC, Misamis Oriental I Rural EC (Moresco I), Siasi EC, Siargao EC, South Cotabato I EC, Surigao del Sur I EC, Tawi-Tawi EC and Zamboanga del Norte EC.
Meanwhile, ECs from Visayas that tapped capex loans were the Bohol II EC (Boheco II), Camotes EC, Iloilo III EC, Leyte V EC, Northern Negros EC and Northern Samar EC.
Capex borrowers from Luzon include the First Laguna EC (Fleco), Quezon I EC and Sorsogon I EC.
On the other hand, nine ECs accessed around P438 million as working capital which is equivalent to 44.9 percent of the total loans granted by NEA for the year so far.
Among ECs that borrowed working capital funds include the Antique EC, Aurora EC, Boheco II, Camiguin EC, Central Pangasinan EC, Fleco, Lanao del Norte EC (Laneco), Misamis Oriental II EC and Zamboanga del Sur II EC.
The remaining loans were accessed by Moresco I for its modular generator set worth P12.85 million, while Laneco availed a P50 million short-term credit facility loan.
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.
It also serves as a supervisory body to all 121 ECs nationwide to regularly monitor distribution system parameters, such as systems loss and reliability, circuit kilometers and substation capacity, to ensure that they remain operationally reliant and technically efficient in delivering services.
