PELCO I PAYS AMORTIZATION TO NEA
MEDIA RELEASE
January 26, 2006
The Pampanga I Electric Cooperative, Inc. [PELCO I], one of the three electric cooperatives ECs) in the province of Pampanga paid some P7.5 M to NEA representing its advance amortization payment for the year 2006. A symbolic check was presented to NEA Administrator Edita S. Bueno during her visit to the EC last December 28, 2005. PELCO I Board President Carlos D. de Jesus and General Manager Loliano E. Allas handed the symbolic check to the NEA Administrator witnessed by Deputy Administrators Mariano T. Cuenco and Edilberto I. Bassig and other coop employees.
PELCO I has made an operational turn-around as it was able to reduce its systems loss from 27% in 2004 to 18% in 2005, and improved its collection efficiency from 8% to 2% during the same period. These efforts enabled PELCO I to pay one of the biggest amortization payments among all the other ECs, totaling to P 74 M for 2 consecutive years – 2003 and 2004. Arrears with its power supplier had been settled and is now availing of a 3% prompt payment discount PPD) for being current in its payment. Thus, its category improved from E to B in 2004.
The solidarity among PELCO I employees was manifested with the improved and well-kept headquarters facilities making up for a happy atmosphere. With the notable improvements she witnessed, the NEA Administrator declared PELCO I as one of the showcases of better performing ECs in Luzon. For its part, PELCO I committed to pursue aggressively its goal of providing better service to its member-consumers and improve its category from B to A.
The goodwill visit to the ECs of Administrator Bueno with other NEA officials and employees is a recognition of the ECs’ performance as electric distribution utilities and likewise aims to foster a much stronger partnership with these institutions.
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