The National Electrification Administration (NEA) has released P31.246 million worth of calamity loans to electric cooperatives (ECs) that incurred significant damages when Typhoon Tisoy hit the country last December.
Edgardo Masongsong, NEA administrator, said the amount was released to four ECs in Bicol Region and MIMAROPA to rehabilitate their power distribution facilities.
Oriental Mindoro Electric Cooperative Inc. received P14.223 million, while Masbate Electric Cooperative Inc. got P7.555 million.
Camarines Sur III Electric Cooperative Inc. and Marinduque Electric Cooperative Inc. availed calamity loans amounting to P7.220 million and P2.249 million, respectively.
Masongsong said loan availment by the ECs is included in the fast-track lane being implemented by NEA. The loans have a 10-year repayment term and one-year grace period, with an interest rate of 3.25 percent per annum.
Earlier, NEA through its Disaster Risk Reduction and Management Department reported that 27 ECs recorded an estimated P911.668-million worth of losses and damages following the typhoon.
As a supervisory body to 121 ECs nationwide, NEA regularly monitors 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 service to their member-consumers. It is also mandated to implement the total electrification of the country.
