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Manila Bulletin devider Business devider NEA loans to electric coops top P934M

NEA loans to electric coops top P934M

Published Nov 16, 2023 12:59 am

At A Glance

  • NEA is the duly designated agency exercising supervision over the country's electric cooperatives; and part of its mandate, is to aid them on their financial needs to enhance their operational capabilities.
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Government-run National Electrification Administration (NEA) reported that it extended P934.56-million worth of loans to at least 24 electric cooperatives (EC) as of end-October this year.

The electrification agency emphasized that the released loans to ECs had been anchored on its Enhanced Lending Program; and so far, NEA already surpassed its P700 million lending target for the year.

NEA is the duly designated agency exercising supervision over the country’s electric cooperatives; and part of its mandate, is to aid them on their financial needs to enhance their operational capabilities.

Based on data culled from the agency’s Accounting Management and Guarantee Department (AMGD), the lion’s share of the issued loans at P449.71 million had been funneled to the capital expenditures (capex) requirements of 18 EC-borrowers.

The breakdown had been three (3) electric distribution utilities from Luzon - primarily First Laguna Electric Cooperative, Inc. (FLECO), Quezon I Electric Cooperative, Inc. (QUEZELCO I) and Sorsogon I Electric Cooperative, Inc. (SORECO I).

NEA noted that five (5) power utilities in Visayas also accessed capex loans – including Bohol II Electric Cooperative, Inc. (BOHECO II), Camotes Electric Cooperative, Inc. (CELCO), Iloilo III Electric Cooperative, Inc. (ILECO III), Leyte V Electric Cooperative, Inc. (LEYECO V) and Northern Negros Electric Cooperative, Inc. (NONECO).

For Mindanao grid, capex credit facilities had been bestowed on 10 ECs, namely: Basilan Electric Cooperative, Inc. (BASELCO), Bukidnon Second Electric Cooperative, Inc. (BUSECO), Davao del Sur Electric Cooperative, Inc. (DASURECO), Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I), Siargao Electric Cooperative, Inc. (SIARELCO), Siasi Electric Cooperative, Inc. (SIASELCO), South Cotabato I Electric Cooperative, Inc. (SOCOTECO I), Surigao del Sur I Electric Cooperative, Inc. (SURSECO I), Tawi-Tawi Electric Cooperative, Inc. (TAWELCO) and Zamboanga del Norte Electric Cooperative, Inc. (ZANECO).

The rest of the loans granted by the electrification agency had been P422 million for the working capital needs of at least eight (8) ECs; while P12.85 million had been accessed for the purchase of modular generator sets (gensets); and P50 million had been availed of as short-term credit facility.

The power utilities which tapped borrowings for working capital include Antique Electric Cooperative, Inc. (ANTECO), Aurora Electric Cooperative, Inc. (AURELCO), BOHECO II, Central Pangasinan Electric Cooperative (CENPELCO), FLECO, Lanao del Norte Electric Cooperative, Inc. (LANECO), Misamis Oriental II Electric Cooperative, Inc. (MORESCO II), and Zamboanga del Sur II Electric Cooperative, Inc. (ZAMSURECO II).

The power utility which purchased a genset had been Misamis Oriental I Electric Cooperative, Inc. (MORESCO I); while the short-term credit line was availed of by Lanao del Norte Electric Cooperative.

Related Tags

National Electrification Administration Electric cooperatives Capex short-term loans
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