By
Lenie Lectura - August 26, 2019
THE Power Sector Assets
and Liabilities Management Corp. (PSALM) has sold its Bauang property to the Provincial
Government of La Union (PGLU) for P524 million.
The state firm said it
successfully achieved another milestone in its privatization efforts as it
concludes the sale of parcels of land underlying the Bauang Diesel Power
Plant.
The Bauang property is
located at Payopoc Sur, Bauang, La Union, and has an aggregate area of
261,349.32 square meters.
The property, sold on
an “as-is-where-is” basis, was purchased by PGLU for P524,211,660 by way of a
government-to-government transaction following PSALM’s policies on transfer of
real-estate assets.
“This undertaking is a
mutually beneficial activity for PSALM and the Provincial Government of La
Union. On the part of the Provincial Government, it will be able to now pursue
their provincial development goals and plans relative to this valuable piece of
property.
“For PSALM, the sale of
the property will help us raise much needed revenues to settle our financial
obligations assumed from the National Power Corp.,” PSALM President and
CEO Irene Joy Besido-Garcia said.
PSALM officially
transferred ownership of the asset consisting of 92 lots to PGLU through the
signing of the Deed of Transfer on August 14.
PSALM is the agency
mandated by Republic Act 9136 or the Electric Power Industry Reform Act (Epira)
of 2001 to handle the sale of the remaining state-power assets and the
financial obligations of National Power Corp.
It is projected that
with PSALM’s continuous privatization efforts including the sale of real-estate
assets, collection of universal charge and power generation proceeds, its
financial obligations will further decrease substantially when the corporate
life of PSALM ends in 2026.
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