The National Electrification Administration disclosed that it exceeded its loan release target in 2023, reaching more than P1 billion — a 143.22 percent surge from its annual target of P700 million.

In a report on Thursday, the Accounts Management and Guarantee Department of the NEA said a total of P1,002,540,867.31 in loans was disbursed to 28 electric cooperatives, or ECs, by the end of calendar year 2023. NEA sourced the loan funds from its Enhanced Lending Program.

Nineteen power cooperatives were able to access capital expenditure loans, which amounted to a total of P474.69 million.

These include electric cooperatives in Basilan, Bohol, Bukidnon, Camotes Islands, Davao del Sur, Iloilo, Laguna, Leyte, Misamis Oriental, Negros Occidental, Northern Samar, Quezon Province, Siargao, Siasi, Sorsogon, South Cotabato, Surigao del Sur, Tawi-Tawi and Zamboanga del Norte.

Meanwhile, loans used for working capital reached P465 million, which went to 11 ECs operating in Antique, Aurora, Batanes, Bohol, Camiguin, Central Pangasinan, Laguna, Lanao del Norte, Misamis Oriental, Negros Oriental and Zamboanga del Sur.

As per the AMGD, a P12.85-million loan was extended to Misamis Oriental I Rural Electric Service Cooperative, Inc. for its modular generator set, while a P50-million short-term credit facility was released to Lanao del Norte Electric Cooperative Inc.

The NEA is mandated to carry out the total electrification of the country on an area coverage basis, with the 121 electric cooperatives as the implementing arm.