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CALAMITY LOANS EXTENDED TO TISOY-HIT POWER COOPS – NEA

The National Electrification Administration (NEA) has extended calamity loans to electric cooperatives (ECs) that have sustained significant damage during the onslaught of Typhoon Tisoy last December. 

NEA Administrator Edgardo Masongsong said the state-run agency released P31.246 million worth of financial assistance to four ECs in the Bicol region and Mimaropa (Mindoro, Marinduque, Romblon, and Palawan) for the rehabilitation of the power distribution facilities damaged by the typhoon.

The calamity loan has a 10-year repayment term and one-year grace period with an interest rate of 3.25 percent per annum.

“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) showed that as of January 31, the Oriental Mindoro Electric Cooperative, Inc. (ORMECO) received P14.223 million, while Masbate Electric Cooperative, Inc. (MASELCO) got P7.555 million in calamity loans.

Meanwhile, the Camarines Sur III Electric Cooperative, Inc. (CASURECO III) and the 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 damage 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. 

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