Danessa Rivera (The Philippine Star)
- July 3, 2019 - 12:00am
MANILA, Philippines — State-run
Power Sector Assets and Liabilities Management Corp. (PSALM) has set the sale
of two idle power plant properties to help reduce its liabilities.
The properties are located in
Barangay Aplaya, Jasaan in Misamis Oriental and in Toledo City, Cebu.
The privatization of the land
assets, set on Aug. 1, is on an “as is, where is” basis.
The land asset in Aplaya, Misamis
Oriental consists of 49 lots with a total area of about 155,504 square
meters. It has a minimum bid price of P567.63 million.
Meanwhile, the land asset in Toledo
City, Cebu consists of 21 lots with a total area of about 129,589 square
meters with a minimum bid price of P171.47 million.
PSALM said the land assets used to
be the location of the dismantled Aplaya diesel power plant and the Cebu diesel
power plant.
In 2009, PSALM privatized the power
plant structures based on their scrap value and are now either on ground zero
or with minimal structures left.
“These properties could not
immediately be privatized because there were issues with the titles. But some
titles got fixed already and we were able to get third party appraisals for
them early this year,” PSALM president and CEO Irene Joy Besido-Garcia said in
a text message yesterday.
“Thus, we were able to secure board
clearance to go ahead and privatize them,” she said.
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. (Napocor).
It trims debts through the
privatization of government-owned assets and its effective implementation of
its liability management program.
PSALM’s remaining generating assets
include the Malaya Thermal Power Plant in Rizal, the Agus I, II, IV to VII and
Pulangi Hydroelectric Power Plants in Mindanao, the Mindanao Coal-Fired Power
Plant and some real estate properties.
As of the end of May, the state-run
firm still had P433.7 billion remaining payables. PSALM has seven years left in
its corporate life which ends in 2026.
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