NEA extends P1.2-B loans to ECs in 2022

The National Electrification Administration (NEA) extended P1.2-billion worth of loans last year to support the operations of 35 electric cooperatives (ECs).

NEA said nearly half of the amount, or P561.10 million, was used for the capital expenditure projects of 22 ECs.

A total of P151.36 million, meanwhile, went to five ECs as working capital loans.

NEA also granted calamity loans amounting to P505.76 million, to 10 ECs that were devastated by Typhoons Odette and Kiko.

The loans were used for the repair of damaged power distribution systems of the ECs.

NEA said P50 million was also provided to Lanao del Norte Electric Cooperative as a short-term credit facility.

NEA has been offering 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.

NEA is mandated to carry out the total electrification of the country on an area coverage basis, with the 121 ECs as the implementing arm.

Meanwhile, in a memorandum dated Feb. 14, NEA has called on ECs to submit their reportorial requirements for the EC Overall Performance Assessment.

The assessment of the overall performance of ECs will start on Feb. 28, which is the last day for the submission of the requirements.

NEA said reports that are submitted beyond the commencement period would no longer be accepted and considered by the committee on EC Overall Performance Assessment.

The EC Overall Performance Assessment intends to measure the financial, institutional and technical performance of electric cooperatives nationwide.

It aims to determine their credit worthiness, level of development, protection, empowerment and satisfaction of the member-consumer-owners.