The Power Sector Assets and Liabilities Management Corporation (PSALM) has successfully achieved another milestone in its privatization efforts as it concludes the sale of parcels of land underlying the Bauang Diesel Power Plant to the Provincial Government of La Union (PGLU). PSALM officially transferred ownership of the asset consisting of 92 lots to PGLU through the signing of the Deed of Transfer last 14 August 2019.
The property, sold on an “as-is-where-is” basis, was purchased by PGLU in the amount of PhP524,211,660.00 by way of a Government-to-Government transaction following PSALM’s policies on transfer of real estate assets.
“This undertaking is a mutually beneficial activity for PSALM and the Provincial Government of La Union. On the part of the Provincial Government, it will be able to now pursue their provincial development goals and plans relative to this valuable piece of property. For PSALM, the sale of the property will help us raise much needed revenues to settle our financial obligations assumed from the National Power Corporation,” PSALM President and CEO Irene Joy Besido-Garcia said.
The Bauang Property is located at Payopoc Sur, Bauang, La Union and has an aggregate area of 261,349.32 square meters.
In photo: PSALM President and CEO Atty. Irene Joy Besido-Garcia (middle), together with La Union Governor Francisco Emmanuel Ortega III (third from left) and PSALM Vice President for Asset Management Arnold Francisco (leftmost), pose with the symbolic check and deed of transferBack