By BusinessMirror July 23,
2020
The Power Sector Assets and
Liabilities Management Corp. (PSALM) said it is selling its property in Paco,
Manila, for P513 million.
In a bid invite, the agency said the
auction for the 20,975-square meter property will take place on September 10.
The property, which is composed of
eight lots, used to be the site of the former Manila Thermal Power Plant in
Isla de Provisor, Paco, Manila.
PSALM has set the minimum bid price
at P513,439,000.00.
The winning bidder shall pay for all
taxes, fees and other charges due on the sale transaction.
Proceeds from the sale of PSALM’s
assets will be used to augment funds to settle the state firm’s assumed
financial obligations.
PSALM has about P51.47 billion
maturing debts and P23.95 billion of IPP (Independent Power Producer) Lease
Obligations for the rest of 2020. Also, PSALM needs about P3.42 billion in
operational expenses for the rest of the year.
PSALM is the entity created by the
Electric Power Industry Reform Act of 2001, the law that restructured the power
industry by privatizing the assets of the National Power Corp. (NPC).
Funds in settling PSALM’s assumed financial obligations are sourced from
collections from its power generation, privatization proceeds, and universal
charge (UC).
PSALM, with the supervision and
approval of the Energy Regulatory Commission, administers the collection of the
UC, which is collected every month by the distribution utilities from all
electric consumers.
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