| By Donnabelle L. Gatdula (The Philippine Star) Updated November 05, 2010 12:00 AM |
MANILA, Philippines - Power Sector Assets and Liabilities Management Corp. (PSALM) is set to start the disposal of the non-generation assets of the National Power Corp. (Napocor), the agency’s top official said.
PSALM president and CEO Emmanuel Ledesma said they are making preparations for the sale of these assets, including real estate properties of the state-run power generation firm.
“We are currently preparing for that (sale of non-generating assets of Napocor),” he said, adding the sale may take place in the next few months.
“We are looking at sometime early next year for the disposal of these assets,” he said.
The PSALM chief said they are also closely coordinating with the Department of Finance (DOF) to determine the best sale process for these assets.
Ledesma did not provide figures on the expected proceeds but earlier estimates showed that the government may be able to raise some P10 billion from the sale of these Napocor assets.
Meanwhile, Energy Secretary Jose Rene Almendras said in the near term, PSALM’s role will take on a different face.
“PSALM will become a real estate and arts dealer soon, but the transformation I’m looking for in PSALM is that it is going to be become more of a financial institution, as the biggest challenge will be to manage those liabilities,” he said.
PSALM, created under the restructured Electric Power Industry Reform Act in 2001, is tasked to manage, privatize and dispose of all existing generation assets, liabilities, real estate and other disposable resources of Napocor.
PSALM president and CEO Emmanuel Ledesma said they are making preparations for the sale of these assets, including real estate properties of the state-run power generation firm.
“We are currently preparing for that (sale of non-generating assets of Napocor),” he said, adding the sale may take place in the next few months.
“We are looking at sometime early next year for the disposal of these assets,” he said.
The PSALM chief said they are also closely coordinating with the Department of Finance (DOF) to determine the best sale process for these assets.
Ledesma did not provide figures on the expected proceeds but earlier estimates showed that the government may be able to raise some P10 billion from the sale of these Napocor assets.
Meanwhile, Energy Secretary Jose Rene Almendras said in the near term, PSALM’s role will take on a different face.
“PSALM will become a real estate and arts dealer soon, but the transformation I’m looking for in PSALM is that it is going to be become more of a financial institution, as the biggest challenge will be to manage those liabilities,” he said.
PSALM, created under the restructured Electric Power Industry Reform Act in 2001, is tasked to manage, privatize and dispose of all existing generation assets, liabilities, real estate and other disposable resources of Napocor.
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