The Power Sector Assets and Liabilities Management (PSALM) Corporation conducted a successful pre-proposal conference on 12 July 2024 for the privatization of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex in Lumban, Majayjay, and Kalayaan Laguna, attracting significant interest from five (5) key industry players. The conference served as a pivotal event in the pre-bidding process, providing detailed insights into the CBK Plant Complex’s assets and inviting robust participation from potential bidders....
PSALM achieves significant reduction in financial obligations for FY 2023 and First Quarter 2024
The Power Sector Assets and Liabilities Management (PSALM) Corporation achieved a major success in its ongoing efforts to manage and reduce its financial obligations (FO). The reduction in FO balance was due to a plethora of factors, notable of which are the following: (1) Therma Luzon, Inc.’s (TLI) prepayment of its monthly payments relative to the Pagbilao Coal-Fired Power Plant IPPA in November 2023, (2) the sale and turnover of the Casecnan Hydroelectric Power Plant (HEPP) to Fresh River Lakes Corporation in February 2024, and (3) successful privatization of selected real estate assets within the allotted timeline. PSALM has reduced its liabilities to PHP283.65 billion as of 31 March 2024. A remarkable decrease of PHP956.35 billion from the 2003 peak level of PHP1.24 trillion. ...
Department of Justice’s (DOJ) legal opinion on the dividend remittances to the national government (NG) received by PSALM
The DOJ issued Opinion No. 38, Series of 2024 on 14 August 2024 to address: (1) Whether or not the National Transmission Corporation (TransCo) is required to remit dividends to the NG under Republic Act (RA) No. 7656 otherwise known as the Dividend Law; and (2) Whether or not the interest income from the deferred payment on the concession fee is part of the net profit to be remitted by the TransCo to PSALM, pursuant to the RA No. 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001. ...