The National Electrification Administration (NEA) exceeded its full-year target for lending to electric cooperatives (ECs) nationwide in just nine months of 2020.
Loan disbursements, including calamity loans, to ECs between January to September this year totaled P364.542 million, data from the NEA Accounts Management and Guarantee Department (AMGD) showed.
Excluding calamity loans, the NEA has set a target for the entire year to provide P245-million in the form of loans to ECs that need financial assistance to bankroll their various rural electrification projects.
The NEA AMGD reported that the lion’s share of that loans or P261.462 million went towards financing the capital expenditure (CapEx) projects, modular genset and working capital requirements of 11 ECs, surpassing the target by 7 percent.
Excluding calamity loans, the NEA has set a target for the entire year to provide P245-million in the form of loans to ECs that need financial assistance to bankroll their various rural electrification projects.
Of the amount, P189.059 million was lent to 10 ECs for their respective CapEx projects. These ECs are CAGELCO II, CASURECO I, CASURECO III, DANECO, MASELCO, MORESCO I, SULECO, SURSECO I, TISELCO, and QUEZELCO I.
Calamity loans, on the other hand, stood at P103.080 million. The 12 ECs that availed of the loans were CASURECO III, ILECO III, LUBELCO, MARELCO, MASELCO, NORSAMELCO, OMECO, ORMECO, SORECO I, SORECO II, TIELCO, and TISELCO — all incurred significant damages from previous typhoons ‘Ursula’ and ‘Tisoy.’
About P38.762 million went to the Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I) for the procurement of modular generator sets, and P33.641 million to the Occidental Mindoro Electric Cooperative, Inc. (OMECO) as a working capital.
Calamity loans, on the other hand, stood at P103.080 million. The 12 ECs that availed of the loans were CASURECO III, ILECO III, LUBELCO, MARELCO, MASELCO, NORSAMELCO, OMECO, ORMECO, SORECO I, SORECO II, TIELCO, and TISELCO — all incurred significant damages from previous typhoons ‘Ursula’ and ‘Tisoy.’
A calamity loan has a 10-year repayment term, with a grace period of a year and an interest rate of 3.25 percent per annum.