Manila, May 6 -- The National Electrification Administration (NEA) and the Ako Bicol Party-list (AKB) have formally handed over a subsidy fund of PHP367 million to the Albay Electric Cooperative Inc. (Aleco) for various infrastructure and rehabilitation projects.

During the ceremonial turnover at the Aleco office on Tuesday, NEA Deputy Administrator for Corporate Resources and Financial Services Vic Alvaro said the subsidy was funded under the General Appropriations Act of 2024, through the initiative of AKB party-list Rep. Elizaldy Co.

"This is a ceremonial turnover, and the next steps depend on Aleco. The funds will be channeled through the banks once they complete the required documentation. We expect these projects to move forward b...