The National Electrification Administrations (NEA) has extended electric cooperative loans aggregating more than P800 million as of end-August this year.
The loans were for capital expenditure purposes, according to the NEA.
It said a total P846.71 million benefited 22 electric cooperatives.
A P411.86 million worth of funds were used as capital expenditure of 16 electric coperatives including the First Laguna EC, Quezon I EC, Sorsogon I EC, Iloilo III EC, Northern Negros EC, Camotes EC, Bohol II EC, Leyte V EC, Zamboanga del Norte EC, Misamis Oriental I Rural EC, Bukidnon Second EC, Davao del Sur EC, Siasi EC, Basilan EC, Siargao EC and Surigao del Sur I EC.
Another P372 million were for the working capital of seven electric cooperatives that include the Central Pangasinan EC, Aurora EC, First Laguna EC, Antique EC, Zamboanga del Sur II EC, Lanao del Norte EC and Misamis Oriental II EC.
The Misamis Oriental I electric cooperative borrowed P12.85 million for the purchase of a modular generator set while the Lanao del Norte electric cooperative availed of a P50 million short-term loan.NEA supervises 121 electric cooperatives nationwide.
