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Published February 11, 2021, 7:30 AM
Former employees of state-run National Power Corporation (NPC) who were retrenched due to its privatization roughly two decades ago will finally get their back wages, as underpinned by a Supreme Court ruling on the Drivers and Mechanics Association (DAMA) case; that was also subsequently affirmed by the Commission on Audit.
NPC President and CEO Pio J. Benavidez announced through the media that “the payment of claims shall be on alphabetical basis,” and according to the batches as validated by COA.
It has to be noted that NPC’s successor-company Power Sector Assets and Liabilities Management Corporation (PSALM) earmarked P3.702 billion for claims of the dismissed NPC employees that have been covered in the DAMA case.
PSALM aims to privatize hydro plants under IPP contracts in 2021 on January 20, 2021 at 10:52 am
The government, through the Power Sector Assets and Liabilities Management Corporation (PSALM), looks to privatize its hydroelectric power plants (HEPPs) under Independent Power Producer (IPP) contracts this year, with a study by the Asian Development Bank (ADB) nearing completion.
PSALM President and CEO Irene Garcia said that the ADB is expecting to finish its study on the privatization options for the Caliraya-Botocan-Kalayaan (CBK) and the Casecnan HEPPs within the month. The state-run company tapped the ADB last year for the said study.
The Department of Energy (DOE), in its 37th Electric Power Industry Reform Act (EPIRA) Implementation Status Report, said the privatization process for the CBK and Casecnan HEPPs would begin this year.
Published January 19, 2021, 8:00 AM
State-run Power Sector Assets and Liabilities Management Corporation (PSALM) has cornered prepayment of P202.106 million from Sorsogon I Electric Cooperative (SORECO I), as part of the restructuring deal that the parties have entered into.
For the amount prepaid by the Sorsogon power utility, it was noted that the loan was accessed from the Development Bank of the Philippines (DBP), a government financing institution.
PSALM President Irene Joy Besido-Garcia
As noted by PSALM President Irene Joy Besido-Garcia, “since SORECO-I entered into restructuring agreement, it religiously paid its monthly amortizations for its obligations and consistently updated its monthly amortizations for deferred accounting adjustment (DAA) charges.”