Just read an article from Philippine Daily Inquirer regarding electric cooperatives' geeting help from National Electrification Administration and the Development Bank of the Philippines. Below were the excerpts from the news.
"State-run National Electrification Administration and the Development Bank of the Philippines have forged an agreement to co-finance the capital expenditure requirements and renewable energy projects of electric cooperatives.
Under a memorandum of agreement, the DBP may use any of its Official Development Assistance (ODA) funds to support the funding requirements of electric cooperatives.
DBP president and chief executive officer Francisco F. del Rosario Jr. said in a statement that the institution’s move to finance the capital expenditures of electric cooperatives would “translate to system loss reduction and, consequently, lower the cost of electricity for consumers.”
The partnership with NEA, Del Rosario added, would also give the bank an opportunity to pursue rural electrification and renewable energy development through electric cooperatives, while helping the government attain its target under the Philippine Development Plan 2011-2016 of providing power to 90 percent of households throughout the country."
Another good news indeed since as what the report has stated, electric cooperatives are having a hard time trying to borrow from banks due to their perceived lack of credit worthiness.
Let us hope that this move from NEA and DBP will help in the realization of full renewable energy development.
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