The National Electrification Administration (NEA) extended loans to various electric cooperatives (ECs) which funded their capital expenditure programs.
Data from the NEA accounting management and guarantee department show the agency extending P975.54-million worth of loans to 26 electric cooperatives during the period.
According to the state-run firm, this was way above the P700-million target loan releases it set out this year by 139.36 percent.
NEA said that of the total, 48.7 percent or P474.69 million funded the capital expenditures of 19 electric cooperatives, mostly in the Mindanao.
The Mindanao electric cooperatives that took out loans for capex include the Basilan EC; Bukidnon Second EC; Davao del Sur EC; Misamis Oriental I Rural EC (Moresco I); Siasi EC; Siargao EC; South Cotabato I EC; Surigao del Sur I EC; Tawi-Tawi EC; and Zamboanga del Norte EC.
Electric cooperatives from the Visayas taking out NEA loans include the Bohol II EC (Boheco II); Camotes EC; Iloilo III EC; Leyte V EC; Northern Negros EC; and Northern Samar EC. Those from Luzon include the First Laguna EC (Fleco); Quezon I EC; and Sorsogon I EC.
Nine electric cooperatives accessed P438 million as working capital equivalent to 44.9 percent of the total loans granted by NEA thus far.
Electric cooperatives that borrowed for working capital purposes include the Antique EC; Aurora EC; Boheco II; Camiguin EC; Central Pangasinan EC; Fleco; Lanao del Norte EC (Laneco); Misamis Oriental II EC; and Zamboanga del Sur II EC.
The remaining loans were accessed by Moresco I for its modular generator set worth P12.85 million while Laneco had a P50 million short-term credit facility loan.
