PSALM seeks bids for Paco property

By Lenie Lectura November 11, 2020
https://businessmirror.com.ph/2020/11/11/psalm-seeks-bids-for-paco-property/

The property of the Power Sector Assets and Liabilities Management Corp. (PSALM) in Paco, Manila, is now up for a negotiated bid.

The state firm has set the bid offer submission deadline on December 2 for the 20,975-square meter property, which is composed of eight lots. This used to be the site of the former Manila Thermal Power Plant in Isla de Provisor, Paco, Manila.

PSALM has set the minimum offer price at P458,337,002.30. This is now lower than the minimum bid price of P513,439,000 when the state firm held an auction last September.

The agency had said that in the event public bidding is declared a failure due to the participation of only one bidder, the lone bidder’s bid shall be considered an offer to buy the property through negotiated sale.

“The financial offer of the interested party with the highest offer must be equal to or higher than the minimum offer price in order to qualify as the winning interested party,” PSALM said.

The negotiation is open to any individuals, corporation, cooperatives or partnerships. Those who were previously disqualified from participating in other bidding or negotiated sale activities of PSALM are also disqualified to participate.

The state firm has set on November 19 the pre-negotiation conference.

The winning bidder shall pay for all taxes, fees and other charges due on the sale transaction.

Proceeds from the sale of PSALM’s assets will be used to augment funds to settle the state firm’s assumed financial obligations.

PSALM is the entity created by the Electric Power Industry Reform Act, the law that restructured the power industry by privatizing the assets of the National Power Corp.