NEA extends P1.2 billion in loans to ECS

NEA

State-run National Electrification Administration (NEA) lent a total of P1.2 billion to 35 electric cooperatives last year.

Of the said amount, P561.10 million was used for the capital expenditure projects of 35 ECs.

NEA said P151.36 Million went to Abra Electric Cooperative, Busuanga Island Electric Cooperative, Occidental Mindoro Electric Cooperative, Camarines Sur III Electric Cooperative and Camotes Electric Cooperative for their respective working capital loans.

It lso granted calamity loans to 10 ECs that were devastated by previous Typhoons Odette and Kiko.

A total of P505.76 Million was used for the repair of the damaged power distribution systems.

The remaining P50 million went to Lanao del Norte Electric Cooperative as a short-term credit facility.

NEA offers financial assistance to ECs through its Enhanced Lending Program, which consists of regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, renewable energy, and modular generator set loans.

https://bilyonaryo.com/2023/02/19/nea-extends-p1-2-billion-in-loans-to-ecs/power/#gsc.tab=0