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Manila Bulletin devider Business devider Loans to electric cooperatives top P873M in 6 months

Loans to electric cooperatives top P873M in 6 months

Published Jul 13, 2024 05:28 am

At A Glance

  • Since electricity serves as the lifeblood of economic progress of any country, the improvement of operations and service provision of the ECs had been consistently batted for so they can help advance not just business opportunities but also enhance the quality of life for many Filipinos in regional domains, including those in the far-flung areas. <br> 

By MYRNA M. VELASCO

The magnitude of loans extended to the country’s electric cooperatives (ECs) had already surpassed P870 million mark within the first six months of the year, according to the National Electrification Administration.

The government-run electrification agency specified that at least 21 regional power utilities had availed of credit facilities summing up to P873.31 million within January to June this 2024.

Bulk of the loan availments, NEA indicated, had been funneled to capital expenditures (capex), then for the working capital requirements of the ECs; while one of them tapped calamity loan.

The loans being granted to the power utilities had long been part of the financial assistance offering of NEA, which is underpinned by its ‘enhanced lending program’ for the ECs that are under its supervision.

As culled from data released by the Accounts Management and Guarantee Division (AMGD) of NEA, P447.98 million had been secured as capex borrowings by 15 ECs; while P412 million were released as working capital loans to seven (7) ECs).

On the credit facility covering capex, the EC-beneficiaries have been Tarlac I Electric Cooperative, Inc. (TARELCO I), Peninsula Electric Cooperative, Inc. (PENELCO) and Tablas Island Electric Cooperative, Inc. (TIELCO) in Luzon.

For those in Visayas and Mindanao, the capex borrowers have been: Masbate Electric Cooperative, Inc. (MASELCO), Iloilo II Electric Cooperative, Inc. (ILECO II), Camotes Electric Cooperative, Inc. (CELCO), Bohol I Electric Cooperative, Inc. (BOHECO I), Bohol II Electric Cooperative, Inc. (BOHECO II), Cebu III Electric Cooperative, Inc. (CEBECO III), Leyte V Electric Cooperative, Inc. (LEYECO V), Northern Samar Electric Cooperative, Inc. (NORSAMELCO), Bukidnon Second Electric Cooperative, Inc. (BUSECO), South Cotabato I Electric Cooperative, Inc. (SOCOTECO I), Siasi Electric Cooperative, Inc. (SIASELCO) and Surigao del Sur II Electric Cooperative, Inc. (SURSECO II).

The working capital borrowings, on the other, had been issued to Marinduque Electric Cooperative, Inc. (MARELCO), Camarines Sur II Electric Cooperative, Inc. (CASURECO II), Camarines Sur III Electric Cooperative, Inc. (CASURECO III), Capiz Electric Cooperative, Inc. (CAPELCO), Camotes Electric Cooperative, Inc. (CELCO), Negros Oriental I Electric Cooperative, Inc. (NORECO I) and Northern Davao Electric Cooperative, Inc. (NORDECO).

Additionally, Bohol I electric cooperative availed of P13.33 million calamity loan that it utilized for the rehabilitation of its Janopol mini-hydro power facility which was pummeled by super typhoon Odette three years ago.

Since electricity serves as the lifeblood of economic progress of any country, the improvement of operations and service provision of the ECs had been consistently batted for so they can help advance not just business opportunities but also enhance the quality of life for many Filipinos in regional domains, including those in the far-flung areas.

Related Tags

capital expenditures National Electrification Administration (NEA) Electric cooperatives calamity loan loan facility
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