Thursday 26 April
Powered by Ajaxy
Aug 18, 2017 @ 15:35

NEA’s P4.9B budget to cover EC loans, electrification projects

 

The National Electrification Administration (NEA) has proposed a P4.9-billion budget for 2018, of which electric cooperative (EC) loans and electrification projects will get the lion’s share.

NEA administrator Edgardo Masongsong said the DBM-recommended corporate operating budget will allow them to work on the following targets next year:

• energization of 1,817 sitios;

• construction of power distribution lines for resettlement areas in Zamboanga City;

• establishment of a quick response fund during calamities;

• connection of additional 460,000 consumers;

• reduction of system loss to 10.70%;

• collection efficiency of 99%;

• release of P1.7-billion loans to the ECs; and

• realization of a net margin from the agency’s financial operation

“Accordingly, the sitio electfrication level would increase to 86 percent by the end of 2018 from 83 percent in 2016,” Masongsong said.

But if 17th Congress allows to expand their budget to P5.22 billion, sitio electfrication level could go up to 89 percent, he said.

Of the total proposed budget, P1.96 billion will be subsidized by the national government while the remaining P2.94-billion will be sourced from the internally generated funds of the agency.

NEA said the state subsidy will be used to finance the remaining sitio electrification projects and the construction of distribution lines in resettlement sites for the victims of natural and man-made calamities including those displaced by the 2013 Zamboanga siege.

The subsidized portion will also cover the administrative and operating expenses of the agency amounting to P209 million. This includes the provision for the payment of corporate income tax and remittance of dividends to the national government.

Tags: , , , , , ,

Related Stories
This Gokongwei-owned company caused a ruckus in Zamboanga City.
Environment chief Roy Cimatu wants unrehabilitated mine areas spared from further environmental degradation.
The regulator is easing some rules to help these banks get back on their feet.
Global Business Power Corp. and Alsons Consolidated Resources have formally sealed their partnership in Alsons


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.