THE National Electrification Administration (NEA) said it has disbursed loans totaling P873.31 million to 21 electric cooperatives as of the second quarter (Q2).
NEA, a government-owned corporation under the Energy department, has allocated P447.98 million to fund capital expenditure projects for 15 electric cooperatives.
Seven electric cooperatives received P412 million in working capital, it said in a statement on July 12.
These borrowers are Marinduque Electric Cooperative, Inc., Camarines Sur II Electric Cooperative, Inc., Camarines Sur III Electric Cooperative, Inc., Capiz Electric Cooperative, Inc., Camotes Electric Cooperative, Inc., Negros Oriental I Electric Cooperative, Inc., and Northern Davao Electric Cooperative, Inc.
Bohol I Electric Cooperative, Inc. borrowed a P13.33-million calamity loan for the rehabilitation of the Janopol Mini-Hydro Power Plant, which was previously damaged by Super Typhoon Odette in 2021.
“The NEA has been offering financial assistance to [cooperatives] through its Enhanced Lending Program,” it said.
The program consists of regular, calamity, and concessional loans, standby and short-term credit loans, single-digit system loss loans, renewable energy loans, and modular generator set loans.
Earlier this month, NEA launched its national command center to help monitor and manage the operations of the 121 electric cooperatives nationwide.
Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001, tasks NEA with overseeing missionary electrification and providing financial, institutional, and technical assistance to electric cooperatives. — Sheldeen Joy Talavera
