By:
Ronnel W. Domingo - 05:53 AM August 04, 2018
The Power Sector Assets
and Liabilities Management Corp. (PSALM) has reduced its obligations by close
to two thirds to P449.4 billion as of June from P1.24 trillion when the state
firm was created 15 years ago.
Also, PSALM said in a
statement it had also privatized P918.5 billion worth of assets, of which 59
percent or P545.3 billion had been collected.
The state firm said
that as of June 30, its remaining principal debt was pegged at P246.73 billion
while the remaining obligations under its independent power producer (IPP)
contracts amount to P202.70 billion.
“PSALM adheres to full transparency,” PSALM
president and chief executive Irene Joy Besido-Garcia said. “Its records show
that privatization proceeds are utilized to pay its financial obligations. The
Commission on Audit validates PSALM’s books.”
Garcia earlier this
week presented the data to the Senate committee on energy during a hearing
related a bill on the proposal to use the Malampaya funds for settling PSALM’s
obligations.
Garcia’s report also
touched on the cost of borrowings that PSALM is shouldering while awaiting
regulators’ action on its current petitions for the recovery of stranded cost
and stranded debt through the “universal charge” portion of electricity
consumers’ bills.
The Energy Regulatory
Commission—which does not have a quorum, with two commissioners having retired
last month and two others suspended from holding office—has given out notices
for hearings on PSALM’s latest petitions.
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