The National Electrification Administration (NEA) is ready to provide around P300 million in calamity funds to damaged assets and facilities of electric cooperatives (ECs) in the aftermath of Typhoon Nina, an official said.
NEA said that they have funds ready to support the rehabilitation and repair of South Luzon power distributors that were heavily damaged in their franchise areas.
“Initially, NEA can extend P300 million for calamity loan but we are expecting help from NDRMMC for subsidy,” NEA administrator Edgardo Masongsong said.
NEA’s calamity loan has a term of 10 years of the repayment period and one year grace period with an interest rate of 3.25 percent per annum.
Affected ECs may also seek subsidies from the National Disaster Risk Reduction & Management for immediate repair of damaged assets, he added.
The cost of damage in the power sector in Typhoon Nina’s aftermath has yet to be determined as power restoration is the top priority, Department of Energy Undersecretary Felix William Fuentebella said.
It’s ongoing. We are collating all information. The power bureau of the DOE is in charge of that. We are coordinating…because there are a lot of sectors affected-cooperatives, distribution lines, transmission lines, generators,” he said. “But we are more focusing on ground forces being deployed and equipment being in place.”
Around 1, 003, 519 households or 57 percent of the total affected have its powers restored as of January 4.
In previous reports, Senator Loren Legarda said that there are more than enough funds available for relief and rehabilitation of the areas affected by the typhoon under the 2016 and 2017 national budgets.
The NDRRMC fund still has P4.963 billion unused budget that will be carried over to add to the P15.755 billion allocated by the congress.