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Thursday, March 28, 2024

NEA ups collections from electric co-ops

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State-run National Electrification Administration ended 2019 with a collection of over P2 billion in loan amortization payments from electric cooperatives.

The agency, based on the collection performance report submitted by the NEA Finance Services Department to Administrator Edgardo Masongsong, collected P2.297 billion last year, an increase of P338 million from the corporate target of P1.959 billion. 

The agency attributed the improvement in collection performance to the increase in advanced payment of amortizations and outstanding loans of the ECs. 

“The early payment of outstanding loans by some ECs amounting to P94.35 million and increase in advance payment made by ECs of P283 million contributed to the attainment of high collection efficiency,” Milagros Robles, acting director of Finance Services Department, said in a statement.

The 2019 collections also surpassed the P2.263 billion that NEA collected in 2018 by at least 15 percent. 

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