Loans to electric coops exceed P1B in 2023 – NEA

THE National Electrification Administration( NE A) disbursed over a billion pesos worth of loans to electric cooperatives last year.

Citing report of its Accounts Management and Guarantee Department ( AMGD), NEA on Thursday, Jan. 11, said it facilitated a total of P1,002,540,867.31 loans to 28 electric cooperatives by the end of 2023.

For December alone, the agency’s AMGD processed P27 million worth of loans to fund the working capital of ECs.

Broken down, of the over P1 billion worth of loans released, P479.69 million were loaned to 19 power cooperatives for their capital expenditure requirements.

NEA said the 19 electric cooperatives were in Basilan, Bohol, Bukidnon, Camotes Islands, Davao del Sur, Iloilo, Laguna, Leyte, Misamis Oriental, Negros Occidental, Northern Samar, Quezon Province, Siargao, Siasi, Sorsogon, South Cotabato, Surigao del Sur, Tawi-Tawi, and Zamboanga del Norte.

Loans for working capital stood at P465 million, which were handed to 11 electric cooperatives in Antique, Aurora, Batanes, Bohol, Camiguin, Central Pangasinan, Laguna, Lanao del Norte, Misamis Oriental, Negros Oriental, and Zamboanga del Sur.

Moreover, Misamis Oriental I Rural Electric Service Cooperative Inc. (MORESCO I) received P12.85 million worth of loan for its modular generator set while a P50million short- term credit facility was accessed by Lanao del Norte Electric Cooperative Inc. (LANECO).

NEA said it processed the loans using the funds earmarked for its Enhanced Lending Program.

The agency said its total loan releases last year exceed its 2023 target of P700,000,00 by 143.22%. (GMA Integrated News)