The National Electrification Administration (NEA) has extended calamity loans to electric cooperatives (ECs) that incurred significant damages when Typhoon “Tisoy” wreaked havoc in the country last December.
NEA Administrator Edgardo Masongsong said the state-run agency released P31.246-million worth of financial assistance to four ECs in Bicol Region and Mimaropa for the rehabilitation of the power distribution facilities damaged by the typhoon.
“The NEA will continue to assist the electric cooperatives affected by the recent calamity—as we have done in the past years—in their recovery and rehabilitation efforts through the provision of loans,” Masongsong said.
Data from the NEA Accounts Management and Guarantee Department (AMGD) as of January 31 showed the Oriental Mindoro Electric Cooperative, Inc. (ORMECO) received P14.223 million, while Masbate Electric Cooperative, Inc. (MASELCO) got P7.555 million.
Meanwhile, the Camarines Sur III Electric Cooperative, Inc. (CASURECO III) and Marinduque Electric Cooperative, Inc. (MARELCO) availed calamity loans amounting to P7.220 million and P2.249 million, respectively.
Loan availment by the ECs is included in the fast-track lane being implemented by the NEA. The calamity loan has a 10-year repayment term and one-year grace period with an interest rate of 3.25 percent per annum.
Earlier, the NEA through its Disaster Risk Reduction and Management Department (DRRMD) reported that the EC sector recorded an estimated P911.668-million worth of losses and damages due to the effects of the typhoon.
Typhoon “Tisoy” (international name: “Kammuri”) made landfall in Gubat, Sorsogon, on December 2, 2019, and caused serious damage to the power distribution facilities of 27 ECs operating in Luzon and Visayas. ###