NEA lends P343M to cooperatives

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    The National Electrification Administration (NEA) said total loans including calamity loans extended to electric cooperatives (ECs) reached P343.445 million from January to July this year.

    NEA said bulk of the amount or P240.365 million funded the electrification projects and working capital requirements of nine ECs which is 98 percent of the yearend target of P245 million.

    The agency said P167.962 million went to capital expenditure projects of eight ECs; P33.641 million to Occidental Mindoro Electric Cooperative Inc. as working capital loan; and P38.762 million to Misamis Oriental I Rural Electric Service Cooperative Inc. for the procurement of modular generator sets.

    NEA provided calamity loans amounting to P103.080 million to 12 ECs in MIMAROPA, Bicol, Western and Northern Visayas regions for the reconstruction and rehabilitation of their power distribution facilities damaged by previous typhoons Ursula and Tisoy.

    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.

    NEA has extending for 30 days the payment deadline for loan amortization of the ECs due for the second quarter of the year even though it will affect the agency’s cash inflow and internally generated funds.