As the Philippine economy steps up on its recovery journey from the scourge of the coronavirus pandemic, the National Electrification Administration (NEA) has extended credit facilities to electric cooperatives (ECs) that would the P1.2 billion-level approved last year.

According to the government-run electrification agency’s Accounts Management and Guarantee Division (AMGD), at least 35 ECs have availed of the loan facilities.

As specified by NEA, its suite of credit lines via its Enhanced Lending Program, covers regular, calamity and concessional loans, stand-by and short-term credit facilities as well as those on single-digit system loss, renewable energy and modular generator set loans.

The agency emphasized that the bulk of loan availments by the ECs at P561.10 million had been funneled to the capital expenditure (capex) projects of the power utilities – to include La Union Electric Cooperative, Inc. (LUELCO), Tarlac I Electric Cooperative, Inc. (TARELCO I), Quezon I Electric Cooperative, Inc. (QUEZELCO I), Quezon II Electric Cooperative, Inc. (QUEZELCO II), First Laguna Electric Cooperative, Inc. (FLECO), Oriental Mindoro Electric Cooperative, Inc. (ORMECO), Occidental Mindoro Electric Cooperative, Inc. (OMECO), Camarines Sur I Electric Cooperative, Inc. (CASURECO I) and Camarines Norte Electric Cooperative, Inc. (CANORECO) in the Luzon grid.

In the Visayas, the beneficiaries of the loans had been Iloilo III Electric Cooperative, Inc. (ILECO III), Bohol I Electric Cooperative, Inc. (BOHECO I), Bohol II Electric Cooperative, Inc. (BOHECO II), Leyte IV Electric Cooperative, Inc. (LEYECO IV) and Northern Samar Electric Cooperative, Inc. (NORSAMELCO); while in Mindanao, these had been granted to Zamboanga del Sur II Electric Cooperative, Inc. (ZAMSURECO II), Zamboanga del Norte Electric Cooperative, Inc. (ZANECO), Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I), Bukidnon Second Electric Cooperative, Inc. (BUSECO), Davao Oriental Electric Cooperative, Inc. (DORECO), Basilan Electric Cooperative, Inc. (BASELCO), Tawi-Tawi Electric Cooperative, Inc. (TAWELCO), Surigao del Sur I Electric Cooperative, Inc. (SURSECO I) and Siargao Electric Cooperative, Inc. (SIARELCO).

Given the proverbial circumstances of ECs in the strike of disasters, NEA similarly noted that calamity loans amounting to P505.76 million had been granted to at least 10 regional power utilities.

The recipients had been mainly the ECs hammered by super typhoons Kiko and Odette when that extreme weather condition barreled the country in September and December 2021, respectively.

The beneficiary-ECs had been Batanes Electric Cooperative, Inc. (BATANELCO), Palawan Electric Cooperative (PALECO), Bohol I Electric Cooperative, Inc. (BOHECO I), Bohol II Electric Cooperative, Inc. (BOHECO II), Cebu I Electric Cooperative, Inc. (CEBECO I), Negros Oriental I Electric Cooperative, Inc. (NORECO I), Leyte IV Electric Cooperative, Inc. (LEYECO IV) and Southern Leyte Electric Cooperative, Inc. (SOLECO) in Luzon and Visayas grids.

In Mindanao, the loan facilities had been bestowed on Misamis Oriental II Rural Electric Service Cooperative, Inc. (MORESCO II) and Surigao del Norte Electric Cooperative, Inc. (SURNECO).

The working capital loans worth P151.36 million had likewise been reported by NEA to have been given to Abra Electric Cooperative (ABRECO), Busuanga Island Electric Cooperative, Inc. (BISELCO), Occidental Mindoro Electric Cooperative, Inc. (OMECO), Camarines Sur III Electric Cooperative, Inc. (CASURECO III) and Camotes Electric Cooperative, Inc. (CELCO).

Additionally, NEA conveyed that P50 million worth of loan had also been handed over to Lanao del Norte Electric Cooperative, Inc. (LANECO) as a short-term credit facility.