NEA hits 95.9% collection rate

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    The National Electrification Administration (NEA) achieved a 95.90 percent collection rate in the first half of the year with P773.91 million in loan amortization payments from electric cooperatives (ECs) for the period.

    But this amount is 27 percent lower than the P1.098 billion registered in the same period last year.

    The amount was computed based on the advanced payments made by ECs as collections were affected by the extension of the 30-day grace period for first and second quarter amortization payments in compliance to the directive of regulatory agencies in light of the pandemic.

    NEA said the top five highest-paying ECs for the period were Nueva Ecija II Electric Cooperative-Area 2; Occidental Mindoro Electric Cooperative; Central Pangasinan Electric Cooperative; First Laguna Electric Cooperative; and Misamis Oriental I Rural Electric Service Cooperative.