Danessa Rivera (The Philippine Star)
- November 3, 2019 - 12:00am
MANILA, Philippines — State-run
Power Sector Assets and Liabilities Management Corp. (PSALM) has generated
enough interest for its various idle properties up for sale.
PSALM is proceeding with the second
round of bidding for its real estate assets (REAs) in Barangay Aplaya, Jasaan,
Misamis Oriental, Toledo City, Cebu and in Laoag City, Ilocos Norte this month.
For each of the property, PSALM
president and CEO Irene Joy Besido-Garcia said there are “two bidders that
purchased bid documents.”
PSALM has set a Nov. 6 deadline for
the submission of bids after the first round of bidding failed last September.
Despite several interested parties
that bought the bidding package, the Misamis Oriental and Cebu assets only
garnered one bidder each.
Meanwhile, there were no bid offers
submitted for the Ilocos Norte property.
One of the issues for the failed
bidding is the steep minimum bid price for the properties, Besido-Garcia
earlier said.
However, PSALM cannot unilaterally
change the price because it could be questioned by the Commission on Audit
(COA).
In the new round of bidding, PSALM
has set the minimum price bid of P567.63 million for the Misamis Oriental
property, P171.47 million for the Cebu asset, and P70.6 million for the Laoag
real estate.
The land asset in Aplaya, Misamis
Oriental consists of 49 lots with a total area of about 155,504.40 square
meters.
The land asset in Toledo City, Cebu
consists of 21 lots with a total area of about 129,589 sqm and the asset in
Laoag City, Ilocos Norte has a total area of about 3,530 sqm.
PSALM is committed to privatize
these land assets within the year.
Proceeds from the sale of these
assets will be used to augment funds to settle PSALM’s assumed financial
obligations.
Apart from this, PSALM is looking to
redevelop its 5.195-hectare Diliman, Quezon City property to take advantage of
its location.
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 reduces debts through the
privatization of government-owned assets, collection of the proceeds and its
effective implementation of its liability management program.
As of the end of June, PSALM had
P428.9 billion in remaining payables. It has seven years left in its corporate
life ending in 2026.
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