An electric cooperative (EC) servicing Quezon province obtained a P20.138-million calamity loan from the National Electrification Administration (NEA).
The agency, in a statement on Monday, said Quezon I Electric Cooperative, Inc. (Quezelco I) availed the calamity loan to repair and rehabilitate its power distribution systems damaged by typhoons Quinta, Rolly, and Ulysses last year.
This brings the total calamity loans to electric co-ops to P23.460 million as of end-February, based on the data released by the NEA Accounts Management and Guarantee Department (AMGD).
In January, Marinduque Electric Cooperative, Inc. (Marelco) secured a P3.322-million loan for the reconstruction of its damage power distribution facilities due to the previous typhoons.
The loan offered by the NEA to ECs adversely affected by calamities has a maximum 10-year repayment term, with a grace period of one year and an interest rate of 3.25 percent per annum.
Meanwhile, the NEA-AMGD data also showed that the Davao del Norte Electric Cooperative, Inc. (Daneco) applied for a loan amounting to P4.508 million to finance its capital expenditure (capex) projects.
NEA earlier reported it disbursed P440 million worth of loans, including calamity loans, to 20 ECs in 2020.
The total loans extended to these power co-ops reached P439.983 million from January to December 2020. Bulk of which, or P311.903 million, went to 12 ECs to help fund their Capex projects and working capital requirements.
The P311.903 million translates into 127-percent accomplishment rate of the agency.
The NEA had set a 2020 target of P245 million for lending to ECs for their electrification projects.