The Pinoy Business Chronicle

Business news and analysis. Covering financial news, economic issues, stock market data, local business, business policy and more.

Philippines Economy News

NEA loans to rural utilities hit P293-M in first 5 months

nea loans to rural utilities hit p293 m in first 5 months 816x445 - NEA loans to rural utilities hit P293-M in first 5 months

The National Electrification Administration (NEA) said it released around P293 million worth of loans to utilities operating in the countryside during the first five months of 2020.

Some P135.53 million suported capital expenditure projects and working capital requirements of electric cooperatives.

Meanwhile, calamity loans extended to 12 power cooperatives totaled P103.08 million.

These were used to rehabilitate distribution lines and facilities of utilities in Mimaropa (Mindoro, Marinduque, Romblon, and Palawan), Bicol, and Eastern and Western Visayas Regions hit by typhoons Tisoy and Ursula in 2019.

Northern Samar Electric Cooperative, Inc. availed of the largest calamity loan worth P20.51 million, followed by Sorsogon I Electric Cooperative, Inc., which borrowed P18.35 million.

The loans run over 10 years with a one-year grace period and interest of 3.25%. — Adam J. Ang

Leave a Reply

Theme by Anders Norén