Published June 28, 2020, 10:00 PM By Myrna M.
Velasco
State-run Power Sector Assets and Liabilities
Management Corporation (PSALM) still has whopping P293.543 billion worth of
power assets’ privatization proceeds to collect, according to company data.
The remaining collections out of
earnings from the divestments of the National Power Corporation (NPC) assets
amount to P212.837 billion from the privatized supply contracts of the
independent power producers (IPPs), and P80.706 billion from the 25-year
concession deal for the power transmission assets.
PSALM said the remaining proceeds to
be fetched from concessionaire National Grid Corporation of the Philippines
would be exclusive of foregone interests from the latter’s advance payment of
P58.883 billion in 2013.
The government-run firm indicated
the privatization of the NPC assets generated proceeds reaching P911.84 billion
as of end-December 2019. Of the total, P602.03 billion had already been
collected.
“Total collections as of December
2019, including interest income on placements, were exclusively utilized for
the liquidation of financial obligations amounting to P648.40 billion,” the
company said.
PSALM’s corporate life will be until
June 2026 – and that will be the remaining stretch for it to pull in all the
proceeds raised from the divestment of the government-owned power assets.
Uncollected revenues after that
timeframe shall be handed over to the national government with the imprimatur
of the Department of Finance.
On the accrued financial takings
from privatization, PSALM emphasized that the bulk of it at P388.99 billion had
been funneled to regular debt service while P65.84 billion had been earmarked
for debt prepayments.
For the company’s lease obligations
under its build-operate-transfer (BOT) deals for the contracted capacities of
the IPPs, payments summed up to P193.57 billion.
The company added it allocated P5.01
billion for other privatization-related expenses; while P50 million had been
appropriated for the operating expenses of government-run National Transmission
Corporation.
The guiding rate of the Bangko
Sentral ng Pilipinas (BSP) that PSALM employed on its settlement of financial
obligations had been P50.744 versus the US dollar.
As culled from PSALM data,
68-percent of its debts are denominated in US dollar or about P286.978 billion
equivalent as of end-2019; while 25.2-percent or P106.465 billion are
peso-denominated. The balance of 6.8-percent or P28.567 billion are in Japanese
yen.
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