The National Electrification Administration (NEA) facilitated a total of P1,002,540,867.31 worth of loans to 28 electric cooperatives (ECs) by the end of calendar year 2023, according to the latest report of its Accounts Management and Guarantee Department (AMGD).

Based on updated figures released for the month of December 2023, the AMGD processed an additional P27,000,000 worth of loans to mostly fund the working capital of ECs.

A total of 19 power co-ops accessed CapEx loans, which stood at P474.69-million. These include electric cooperatives 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.

Meanwhile, loans used for working capital reached P465-million, which went to 11 ECs operating in Antique, Aurora, Batanes, Bohol, Camiguin, Central Pangasinan, Laguna, Lanao del Norte, Misamis Oriental, Negros Oriental, and Zamboanga del Sur. 

Also included in the same AMGD report are the P12.85-million loan of Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I) for its modular generator set and the P50-million short-term credit facility accessed by Lanao del Norte Electric Cooperative, Inc. (LANECO).

The NEA processed the aforementioned loans using the funds earmarked for its Enhanced Lending Program. Its total releases exceed its 2023 target of P700,000,00 by 143.22 percent, the AMGD noted. ###