The National Electrification Administration (NEA) collected P773.91 million in loan amortization payments from the electric cooperatives (ECs) in the first six months of 2020.
This translates to 95.90-percent collection efficiency, the NEA Finance Services Department said in a report submitted to Administrator Edgardo Masongsong.
NEA offers various loan windows to qualified ECs, such as regular, calamity, and concessional loans.
Milagros Robles, Acting Director of Finance Services Department noted that the amount is, however, 27 percent lower than the P1.098 billion registered in the same period last year.
The agency attributed this drop to no payment received from the ECs for the first semester of 2020 but used the advance payment instead to pay for loan amortizations due.
The lower collection was also due to the extension of the 30-day grace period for first and second quarter amortization payments in compliance with the directive of regulatory agencies in light of the coronavirus pandemic.
The top five highest-paying ECs were Nueva Ecija II Electric Cooperative, Inc. – Area 2 (NEECO II – Area 2), Occidental Mindoro Electric Cooperative, Inc. (OMECO), Central Pangasinan Electric Cooperative, Inc. (CENPELCO), First Laguna Electric Cooperative, Inc. (FLECO), and Misamis Oriental I Rural Electric Service Cooperative, Inc. (MORESCO I).
This translates to 95.90-percent collection efficiency, the NEA Finance Services Department said in a report submitted to Administrator Edgardo Masongsong.
Administrator Masongsong, through memoranda dated March 19 and June 29, 2020, extended for 30 days the payment deadline for loan amortization of ECs due for the first and second quarters, respectively.
The NEA offers various loan windows to qualified ECs, such as regular, calamity and concessional loans, stand-by, and short-term credit loans, single-digit system loss, renewable energy, and modular generator sets loan.