P367-M Subsidy Funds Allocated to Albay Electric Cooperative for Infrastructure Projects
Legazpi City: The National Electrification Administration (NEA) and the Ako Bicol Party-list (AKB) have officially allocated PHP367 million in subsidy funds to the Albay Electric Cooperative Inc. (Aleco) for a series of infrastructure and rehabilitation projects. According to Philippines News Agency, during a ceremonial turnover held at the Aleco office, NEA Deputy Administrator for Corporate Resources and Financial Services, Vic Alvaro, explained that the subsidy is financed through the General Appropriations Act of 2024, spearheaded by AKB party-list Representative Elizaldy Co. Alvaro noted that the funds would be transferred through banks once Aleco completes the necessary documentation, with project implementation