The Cebu Provincial Board (PB) has passed a resolution authorizing Cebu Gov. Gwendolyn Garcia to grant a loan to an electric cooperative to solve the power crisis in Camotes Island.
The PB gave the governor the authority to lend P9.1 million to Camotes Electric Cooperative (Celco) so they can pay for the advance payment for fuel the National Power Corp. (Napocor) requested.
The cooperative will pay the provincial government the loan of P9,191,502 plus interest as specified in the payment schedule.
Monthly amortization is P268,596 for 12 months, which means Celco would have to pay P9,669,460 in total.
Residents of Camotes Island have been suffering from massive brownouts due to the lack of power supply.
Napocor can no longer generate power for the towns of Tudela, Poro and San Francisco due to financial constraints, as what their president stated in a meeting with the governor.
Garcia earlier said Capitol can lend money to the cooperative so it can buy fuel to operate its power generation plant.
Napocor’s 2.6-megawatt power plant in Poro town requires 6,000 liters for a 24-hour operation.
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