State-run Power Sector Assets and Liabilities Management Corporation (PSALM) indicated that it would be able to trim down outstanding financial obligations by P23 billion this year on continued flow of proceeds from the sale of National Power Corporation's (NPC) assets.
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PSALM collects P653-B out of P911 B proceeds from NPC s privatization – Manila Bulletin mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
PSALM wants stranded debts in power bills removed – Manila Bulletin mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
Published February 24, 2021, 3:48 PM
State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has rejected the new condition offered by South Premiere Power Corp. (SPPC) in paying ahead its obligations for administering a power plant in Batangas.
In a statement released by the Department of Finance (DOF), it said the new condition recently imposed by SPPC, a wholly-owned subsidiary of SMC Global Power Corp., for the P22.68 billion accumulated monthly payments to PSALM until June 2022 has been thumbed down.
Quoting PSALM President and CEO Irene Besido Garcia, the DOF said that SPPC’s offer “unexpectedly contained the preposterous condition” that is “entirely differs from the tenor of SPPC’s original offer.”
MANILA, Philippines State-run Power Sector Assets and Liabilities Management Corp. (PSALM) aims to reduce its maturing obligations by P24.63 billion and prepay its P19-billion obligations to the Bureau of the Treasury (BTr) this year. In a report to the Department of Finance, PSALM said that after it exceeded the target reduction of its financial obligations last year, it now aims to collect P10.33 billion from power sales and P359 million.