The National Electrification Administration (NEA) has released P455.29 million in loans, including calamity loans, to 19 electric cooperatives (ECs) under the enhanced lending program from January to August this year.
NEA said bulk of the amount or P380.293 million went to 16 ECs to help finance their various capital expenditure projects and working capital requirements.
At least P75 million in calamity loans went to six ECs for the repair and rehabilitation of their damaged power distribution facilities due to the effects of typhoons Quinta, Rolly and Ulysses.
The ECs that availed for calamity loans include the Camarines Sur III Electric Cooperative, Camarines Sur IV Electric Cooperative, First Catanduanes Electric Cooperative, Marinduque Electric Cooperative, Oriental Mindoro Electric Cooperative, and Quezon I Electric Cooperative.
NEA’s enhanced lending program includes regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, renewable energy and modular generator sets loan.
The calamity loan has a maximum 10-year repayment term, with a grace period of one year and an interest rate of 3.25 percent per annum. – Jed Macapagal
