Quezon power co-op obtains P20-M loan
AN electric cooperative (EC) servicing Quezon province obtained a P20.138-million calamity loan from the National Electrification Administration (NEA).
The agency, in a statement on Monday, said Quezon I Electric Cooperative, Inc. (Quezelco I) availed the calamity loan to repair and rehabilitate its power distribution systems damaged by typhoons Quinta, Rolly, and Ulysses last year.
This brings the total calamity loans to electric co-ops to P23.460 million as of endFebruary, based on the data released by the NEA Accounts Management and Guarantee Department (AMGD).
In January, Marinduque Electric Cooperative, Inc. (Marelco) secured a P3.322-million loan for the reconstruction of its damage power distribution facilities due to the previous typhoons.
The loan offered by the NEA to ECs adversely affected by calamities has a maximum 10-year repayment term, with a grace period of one year and an interest rate of 3.25 percent per annum.
Meanwhile, the NEA-AMGD data also showed that the Davao del Norte Electric Cooperative, Inc. (Daneco) applied for a loan amounting to P4.508 million to finance its capital expenditure (capex) projects.
NEA earlier reported it disbursed P440 million worth of loans, including calamity loans, to 20 ECs in 2020.
The total loans extended to these power co-ops reached P439.983 million from January to December 2020. Bulk of which, or P311.903 million, went to 12 ECs to help fund their Capex projects and working capital requirements.
The P311.903 million translates into 127-percent accomplishment rate of the agency. The NEA had set a 2020 target of P245 million for lending to ECs for their electrification projects.
JORDEENE B. LAGARE
BLOOMBERRY Resorts Corp. incurred an P8.3-billion net loss in 2020 as the quarantine restrictions temporarily suspended the casino operations of Solaire Resort and Casino.
Bloomberry’s consolidated revenues also plunged 62 percent to P17.8 billion last year from P46.4 billion in 2019.
In a disclosure on Monday, the firm said the casino operations of Solaire was impacted by the Covid-19 pandemic as it was temporarily suspended between March 16 to June 15 last year.
It has been operating at limited capacity across its gaming, hotel, food and beverage, and retail businesses, and has only been catering to long-stay hotel guests and select invitees since mid-June.
Meanwhile, the Jeju Sun Hotel and Casino in South Korea has been closed since March 21, 2020.
Solaire’s total gross gaming revenue (GGR) slumped by 62 percent to P22.6 billion from P59.8 billion year-on-year.
Its VIP, mass tables and electronic gaming machine (EGM) GGR likewise saw double-digit declines of 69 percent, 56 percent and 57 percent to P8 billion, P7.3 billion and P7.2 billion, respectively.
Bloomberry’s non-gaming revenues, on the other hand, stood at P3.7 billion in 2020, a 55-percent drop from P8.2 billion in 2019.
Solaire’s non-gaming revenue last year was 54-percent weaker to P3.7 billion.
Hotel occupancy in 2020 was at 30.2 percent, a huge slide from 90.5 percent in 2019.
Despite this, Bloomberry Chair and Chief Executive Officer Enrique
Razon Jr. is optimistic about the company’s recovery.
“I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increase by 75 percent compared to the previous quarter and Ebitda (earnings before interest, taxes, dpreciation and amortization) hitting positive territory. Our recovery is well underway. We look forward to a more meaningful improvement in 2021 should we see further easing of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets,” Razon said in the disclosure.
Shares of Bloomberry slipped 5 centavos or 0.64 percent to close at P7.80 each on Monday.