Published August 28, 2018, 10:00 PM By Myrna M.
Velasco
State-run Power Sector Assets and
Liabilities Management Corporation (PSALM) has booked P8.404 billion worth of
claims by the previously dismissed National Power Corporation (NPC) employees –
as linked to the NPC Drivers and Mechanics Association (DAMA) case that was
recently decided by the Supreme Court.
Such was specifically provided for
in the latest financial statement of PSALM – the final review of which was
completed around June this year by the Commission on Audit (COA).
The aggregate amount recognized in
PSALM’s financial books had been for P8.40 billion – consisting of P4.70
billion principal and P3.70 billion in interest charges as of December 31,
2017.
The DAMA case covered the former NPC
employees who were neither rehired by the NPC or absorbed by PSALM or the
National Transmission Corporation (TransCo) following the reorganization of the
state-run power firm in 2003, as part of its privatization process and the restructuring
of the entire electricity sector. These affected employees were also the
petitioners in the DAMA case at the high court.
PSALM stated in the report that the
settlement provision covers the NPC employees “subsequently employed in the
private sector,” being the ones entitled to “full back wages.”
The company said the booked
compensation package to the dismissed NPC employees reflected the resolution of
the Supreme Court on the case dated November 21 last year.
A regional trial court ruling four
years ago placed the total demand of the NPC employees at P62.051 billion,
inclusive of 10-percent charging lien, lawful fees and costs of execution, but
the high court verdict had done recalculation, taking into consideration
PSALM’s argument that such settlement will impact heavily on its financial
state.
At the latter part of 2014, the
affected NPC employees even lodged a heftier claim of P82 billion against PSALM
and NPC, after factoring interest charges over the years. PSALM is NPC’s
successor-company, hence, it is the entity being nudged on the claims of the
dismissed NPC employees.
In the decision penned by now SC
Chief Justice Teresita J. Leonardo-De Castro, it was specified that “interest
on the judgment award shall be computed as: 12-percent per annum from October
8, 2008 until June 30, 2013; and 6.0-percent per annum from July 1, 2013
onwards.
It was further stipulated that the
judgment award in this case, shall accrue “after deducting the separation pay
already received by the petitioners under the restructuring plan and the
10-percent charging lien.”
The high tribunal similarly ruled
that “legal interest must not be imposed on attorney’s fees.”
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