More electric cooperatives (ECs) have received calamity loans from the National Electrification Administration (NEA) for the rehabilitation of their power distribution facilities due to the onslaught of Typhoon “Tisoy” in December last year.
Latest data from the NEA Accounts Management and Guarantee Department (AMGD) showed that the electrification agency released P51.596-million in calamity loans to six power co-ops operating in MIMAROPA, Bicol and Eastern Visayas Regions for the month of February alone.
The calamity loan being offered by the NEA has a 10-year repayment term or based on the EC’s remaining franchise life.
These power distribution utilities were Lubang Electric Cooperative, Inc. (P450,443), Tablas Island Electric Cooperative, Inc. (P426,936), Ticao Island Electric Cooperative, Inc. (P5.982 million), Sorsogon I Electric Cooperative, Inc. (P18.353 million), Sorsogon II Electric Cooperative (P5.878 million), and Northern Samar Electric Cooperative, Inc. (P20.506 million).
In January 2020, the NEA also extended P31.246-million worth of financial assistance to four ECs in Bicol Region and MIMAROPA for the rehabilitation of their damaged distribution systems due to the typhoon.
These were Oriental Mindoro Electric Cooperative, Inc., Masbate Electric Cooperative, Inc., Camarines Sur III Electric Cooperative, Inc., and the Marinduque Electric Cooperative, Inc.
The calamity loan being offered by the NEA has a 10-year repayment term or based on the EC’s remaining franchise life, with a maximum grace period of one year and an interest rate of 3.25 percent per annum.
Typhoon “Tisoy” (international name: “Kammuri”) made landfall in Gubat, Sorsogon, on December 2, 2019. It caused P911.668-million worth of damage and losses to 27 ECs in Luzon and Visayas, according to the NEA Disaster Risk Reduction and Management Department.