Calamity loans to ECs hit P440M

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    The National Electrification Administration (NEA) disbursed a total of P440 million worth of loans including calamity loans to 20 electric cooperatives (ECs) last year.

    Citing data from its accounts management and guarantee department, NEA said bulk of the amount or P311.903 million went to 12 ECs to help fund their capital expenditure projects and working capital requirements.

    This is equivalent to 127-percent accomplishment rate of the agency as it set a target of P245 million for lending to ECs for electrification projects.

    NEA extended P128.080 million in calamity loans to 13 ECs. Of this, the biggest amount was granted to First Catanduanes Electric Cooperative, Inc. for P25 million for the repair and rehabilitation of its damaged power distribution facilities due to typhoons Quinta and Rolly.

    For this year, P2.498 billion has been allocated for the rural electrification program, P670 million higher than the P1.828 billion recommended under the 2021 National Expenditure Program.

    Of this, P1.628 billion will be used for the sitio electrification projects; P750 million for the electric cooperatives emergency and resiliency fund; P100 million for the installation of solar panels in schools in Batangas; and P20 million for the installation of solar panels in public schools in other provinces.