The National Electrification Administration (NEA) has extended the payment deadline for loan amortization of electric cooperatives (ECs) due for the second quarter of 2020.”
In a memorandum order, NEA administrator Edgardo Masongsong has given ECs a month to July 30 to settle their loan amortization in consideration of the declaration of a state of calamity throughout the country.
Masongsong said the extension would redound to the benefit of consumers in far-flung areas.
NEA has been providing financial support to ECs through various loan windows for their capital expenditure projects and rehabilitation or upgrading of their distribution facilities.”
Its lending program includes regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss loan, renewable energy loan and modular generator sets loan.
The agency also allowed the ECs to secure short-term loans from sources other than the agency like banks, financing companies, and other established financial intermediaries.
