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Funding Assistance Loan From NEA Spells Life For Power Coop

Abra Electric Cooperative (ABRECO)

Abra Electric Cooperative (ABRECO) 0 File Photo

Loans, loans, loans – is this good or bad?

—–
By Artemio A. Dumlao

Bangued, Abra  – A loan assistance from the National Electrification Administration (NEA) intended to upgrade into quality service, human resource management and internal fiscal rehabilitation efforts could resuscitate the still financially hard-up Abra Electric Cooperative (Abreco).

Just like any other electric cooperative in the country, we are still in a situation wherein its not within out financial capability to implement the much needed infrastructure projects for our power distribution network, Abreco general manager Loreto Seares Jr. said adding, their capital expenditure plan could not suffice without the support of agencies like the NEA.

One major project of Abreco, Seares Jr. said, is the installation of a 5 MVA substation proposed two years ago. “Its implementation is long overdue”, the power cooperative executive said explaining that Abreco’s sub Station is already 94% loading as of 2014. With that status, the 5 MVA should have been installed on that same year, he said. “The installation of the 5MVA is much needed to support the existing overloaded substation of the cooperative to ensure quality power to its 40,000++ consumers.” We are asking a P25M loan from NEA for the substation installation, Seares Jr. said.

Abreco is also asking NEA for a P20 million loan for the retirement benefits of its downsized employees. This is needed, Seares Jr. explained, to effectively implement our downsizing program and personnel reorganization to be consistent with the recommended total number of employees as per NEA guidelines. He pointed out that downsizing or reorganizing Abreco’s workforce is expected to lower its cost of operation as projected in its Department of Energy-approved “Rehabilitation Plan”.

Abreco further pointed out that without the “Retirement Benefit Loan” from NEA, it will be impossible for Abreco to downsize its workforce. “To implement the reorganization without the benefits will surely result to legal cases filed against Abreco’s management,” Seares Jr. said. Thus it will be more costly for the cooperative, he added. “Abreco will not be able to attains its financial projections as per rehabilitation plan if we will not be able to implement the reorganizational plan as per guidelines of NEA.”

The power cooperative is also asking NEA to grant a P23M “Prudential Guarantee Loan”, which according to Seares Jr., is a much needed for the cooperative for it to be able to settle one of its requirements to its power supplier WESM (wholesale electricity spot market) to continuously supply the much needed power for Abreco’s franchise area.

Several months ago, SNAP cut off its power supply agreement with Abreco, forcing the cooperative to buy electricity from WESM.***Artemio A. Dumlao***

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Discussion

28 thoughts on “Funding Assistance Loan From NEA Spells Life For Power Coop

  1. the statement, “Funding Assistance Loan From NEA Spells Life For Power Coop”, but the truth is for GM has more money to put in his own pocket. Believe it or not Abra, but this is the reality.

    Posted by Genti | July 16, 2015, 10:41 pm
  2. Nayon Income Cailian

    The wonder of the internet.
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    See? Everything in the internet? – “he dragon”

    Posted by Rustico "Captain Dragon" Reynante | July 17, 2015, 12:25 am
  3. Dayta a ti GM! Pagsayaatan latta ti ABRECO ti panpanunutenna! Agloan para laeng iti napinpintas manen nga serbisyo. Good job GM! Brilliant move! Good luck!

    Posted by comli2013 | July 17, 2015, 10:01 am
    • Pag sa ya a tan ti ABRE CO ti pam pa nu nu ten na ngata? Wen no pag sa ya a tan ti bul sa na ti pam pa nu nu ten na? Wen, Saan, Wen, Saan,……Padasenyo daytoy nga ay ayam ti ramayyo, maamuanyo ti pudno,

      Posted by Genti | July 17, 2015, 2:08 pm
    • Tungak ka nga talaga COMLI2013 kasano nga pagsayaatan no ag loan ka manen? Di ad adda nga dumakkel ti utang mon? Isep isep ka met koma no dadduma

      Posted by Lovie | August 4, 2015, 5:56 pm
  4. sus apo 25M + 20M +23M = 68M, impan na manen. Da pala ketdi. Pagbibingayan da manen ah

    Posted by Dugol | July 18, 2015, 1:31 am
    • NAGMAYAT KET TI BIAGDAN AYA APO KONSUMER TI PARA BAYAD TI lOAN DAN…TSK TSK DIASKE NGA MANEHAR NI PADA NGA ITNEG .
      ..PANGWARTA-AN DA LATTA..AWAN LATTA TI PROGRESSO KAKAILIAN

      Posted by ABRA TALIBAN | July 18, 2015, 4:11 am
  5. I cnt wait tagamasid to comment in this thread because koliglig whom he depends always have one common with the GM of abreco. T they loaned the institution that they represent in disguise of rehabilitation and development. For now i cn not judge GM lets give him the benefit of the doubt if the fund he loaned will serve its purpose whereas kolihlig’s loan we can see where it go. Let me enumerate in this site
    substandard project- 50 percent
    contractor-15 percent
    Coa-5 percent
    madam x- 30 percent.

    Posted by eric shawn | July 18, 2015, 6:56 am
  6. 50 percent plus15 pus 5 plus 30 equals 100 percent! Lahat napunta na sa bulsa. Di wala ng project. Pinakatanga na ang taong ang maniwala dito kasi tanga ang nagkwenta.
    Pagnandiyan kami sa kapitolyo, lapitan mo maski yong private na tauhan ko at tuturuan ka niya, kung ano ang ibig sabihin ng percent.

    Posted by Capitan | July 20, 2015, 10:32 am
    • Capitan i can substantiate my computation where the loan of koliglig goes no other than the C0A questioned worth 200m infra projects wherein one contractor was favored most of the contaxt wiot out the necesarry rewuired document. Ask rusttico dragon my allegation bec u can find it in the internet at rappler.com this time coa will nail kologlig down if he will not fix it

      Posted by eric shawn | July 20, 2015, 8:17 pm
  7. This time im true of what im saying against kokiglig tagamasids might be true that he is not totally blamed for the substandard infra projects but he is accountable and responsible to investigate erring contractors as stated in the report but he cannot investigated them because dummy lng nya o nakuha na nya ung 30 percent in my aforementioned post above hehe.

    Posted by eric shawn | July 20, 2015, 9:54 pm
    • Oh no im moderated for posting the coa report that local media practitioners should do thats why im suspecting them that they are in cahoot with koliglig because i can read articles only frm the PIA and i can only heard koliglig bwing interviewed by dzpa field reporter from lgbt when good deeds of koliglig are being disseminated from tri media including social media.

      Posted by eric shawn | July 20, 2015, 10:00 pm
  8. Pls syop post the coa report in another thread i think it will be a blockbuster for bloggers to post their comments if not then im done.

    Posted by eric shawn | July 20, 2015, 10:20 pm
  9. Demi sa thread ng coa tau mgpost

    Posted by eric shawn | July 21, 2015, 9:22 pm
  10. makaoma ti issue ti abreco. oray ado nga patang tayo ditoy apo, awan met la ti maganab tayo ta ado ti koarta nga pagtapal. koarta koarta lang nga konada. koarta lang ti katapat ti tonggal maysa. kaasi la ti emplado ken congsumerst

    Posted by eric internet | July 22, 2015, 9:06 am

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