The bulk of financial assistance extended by the National Electrification Administration (NEA) to electric cooperatives (ECs) as of end-October this year beefed up their capital structure.
According to the NEA, it has thus far extended P934.56-million million worth of loans to 24 ECs.
The state-run agency said this exceeded the P700-million loan release level it mapped for the year.
The NEA said P449.71-million fund the capital expenditure of 18 ECs, three of which are in Luzon including the First Laguna EC (Fleco), Quezon I EC and Sorsogon I EC.
Fve ECs applied for capex loans in the Visayas including Bohol II EC (Boheco II), Camotes EC, Iloilo III EC, Leyte V EC and Northern Negros EC.
Ten ECs required the same funding in Mindanao including the Basilan EC, Bukidnon Second EC, Davao del Sur EC, Misamis Oriental I Rural EC (Moresco I), Siargao EC, Siasi EC, South Cotabato I EC, Surigao del Sur I EC, Tawi-Tawi EC and Zamboanga del Norte EC.
Eight ECs drew loans worth P422-million for working capital, including Antique EC, Aurora EC, Boheco II, Central Pangasinan EC, Fleco, Lanao del Norte EC (Laneco), Misamis Oriental II EC and Zamboanga del Sur II EC.
The NEA said Moresco I also borrowed P12.85-million for a modular generator set as Laneco availed of a P50-million short-term credit facility.
NEA has been offering financial assistance to ECs via an enhanced lending program consisting of regular, calamity and concessional loans, stand-by and short-term credit loans, single-digit system loss, as well as renewable energy and modular generator set loans.
The agency supervises all 121 ECs nationwide and monitors such distribution parameters as systems loss and reliability as well as circuit kilometer and substation capacity to ensure they remain operationally reliant and technically efficient in delivering the services.
