Confirmed (Zamcelco debts more than P2-billion) Print
Sunday, 12 August 2018 17:49

by R.G ANTONET GO

How much does the Zamboanga City Electric Cooperative (Zamcelco) owe its power suppliers?

Based on latest figures released by the electric cooperative, the latter owes various suppliers more than P2-billion.

The figures were made public during a stakeholders meeting attended by National Electrification Administration (NEA) Administrator Edgardo Masongsong and Zamboanga City local officials and other stakeholders.

In a presentation made by Zamcelco General Manager Engr. Edgardo Ancheta, financial records show that total debts of Zamcelco amount to P2,144,666,297.77.

The figures include debts to the National Electrification Administration (NEA) amounting to P373,897,283 and P238,285,860 to the Power Sector Assets and Liabilities Management (PSALM).

The electric cooperative also owes millions of pesos to independent power suppliers.

The cooperative owes P2,119,202 to Mapalad Power Corporation, P197,729,387.63 to the Western Mindanao Power Corporation (WMPC), P374,179,561 to San Miguel Power and P212, 762,836 to Enfinity Power.

The cooperative also owes P17,270,332.14 to the National Grid Corporation of the Philippines (NGCP), P150-million to the Development Bank of the Philippines (DBP), and P578,421,836 to other parties.

This is one of the rare times that Zamcelco provided figures representing the electric cooperative’s debts.

Last month, one of its power suppliers, the WMPC sent a letter asking the electric cooperative to pay the latter’s debts, saying that they need the funds to order diesel from its own suppliers.  (RGAAGo)