Zamcelco net worth plummets, systems loss increase PDF Print E-mail
Monday, 17 April 2017 11:46

By BHONG SIMBAJON

The Zamboanga City Electric Cooperative’s (ZAMCELCO) net worth has plummeted to its lowest level in recent years while its systems loss has registered a corresponding increase, according to records of the National Electrification Administration (NEA.)

In 2011, Zamcelco has registered a net worth of  P143,753.00.  Figures have gone up until the year 2013 when it reached P240,494.00.

In the year 2014 however, figures have gone down to P73,106.00,  the year after the 2013 Zamboanga siege.

Figures have registered a steady decline until it reached a deficit of P113,224.00 last year.

A deficit in the electric cooperative’s net worth resulted to the categorization of Zamcelco in the Yellow-2 category, indicating that the cooperative is experiencing financial and operational difficulty.

Meanwhile, the electric cooperative registered 16.89% in its systems loss for the year 2011.

In 2013, systems loss figures have registered 19.31%.

Ironically, systems loss have increased to 21.71% in 2014, when majority of households in contested areas where systems loss is said to have been high were devastated during the Zamboanga siege.

Systems loss has registered a steady growth until it reached 21.71% in the year 2016, the highest in the last five years.

The Average Systems Loss is 11.27% among electric cooperatives, based on NEA records.

In its memorandum dated March 28 this year, NEA Administrator Edgardo Masongsong called on all electric cooperatives in the country to watch closely their Over-All Assessment and Size Classification to sustain its impressive ratings and performance and to ensure the sustainability of its program implementation.

Masongsong meanwhile warned those who need further improvement in its overall performance to reassess existing programs and implement moreaggressive strategies to address major problems and concerns.

Based on NEA guidelines, if the classification and performance of an electric cooperative continues to plunge based on their financial and operational parameters, this will serve as a trigger for theintervention of the NEA in the electric cooperative’s operation. (Bhong Simbajon/ RMN News)