By Lenie
Lectura - November 8, 2019
THE
Power Sector Assets and Liabilities Management Corp. (PSALM) has sold three of
its land assets for P934.72 million.
The
state firm said Thursday it successfully privatized through public biddings
the land asset in Aplaya, Misamis Oriental, which consists of 49 lots with
a total area of about 155,504 square meters for P600 million; the land asset in
Toledo City, Cebu, which consists of 21 lots with a total area of about 129,589
square meters, for P250,000,000; and the land asset in Laoag City,
Ilocos Norte, which has a total area of about 3,530 square meters,
for P84.72 million.
These
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 these are now either on ground zero
or with minimal structures left.
Proceeds
from the sale of these assets will be used to augment funds to settle PSALM’s
assumed financial obligations.
“We
are very happy that our public biddings were successful. The total bid amount
of P934,720,000, once remitted to PSALM, will be used by PSALM to pay its
remaining financial obligations,” said PSALM President and CEO Irene
Besido-Garcia.
Two
bidders participated in the biddings of these land assets, namely Pan Pacific
Renewable Power Philippines Corp. and Panasia Energy Inc. Panasia
submitted the higher bids and was, thus, declared the winning bidder, subject
to the post-qualification process.
The
biddings were PSALM’s second attempt at privatizing these land assets.
In September 2019, PSALM conducted the first round of bidding of the same
assets. However, PSALM declared a failure of bidding because only one bidder
submitted a bid for the assets in Misamis Oriental and Cebu, while none
submitted for the Laoag City asset.
PSALM
immediately sought the approval of the PSALM Board to commence the second round
of bidding, which culminated in today’s successful submission and opening of
bids.
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