The principal purpose of PSALM is to manage the orderly sale, disposition, and privatization of NPC generation assets, real estate and other disposable assets, and IPP contracts with the objective of liquidating all NPC financial obligations and stranded contract costs in an optimal manner.

RALPH G. RECTO Secretary Department of Finance www.dof.gov.ph

Mr. Ralph Gonzalez Recto is the Secretary of the Department of Finance (DOF).

In the 18th Congress, he was elected as Senate President Pro Tempore and was an exofficio member of all Standing Committees. In this term, he co-authored laws including the Bayanihan I and II, the extension of the GAA 2020 and the Bayanihan II, and the Medical Scholarship Act.

In the 17th Congress, he was also elected Senate President Pro Tempore. Prior to this was a brief stint as Minority Leader. It was also in this congress that he authored/co-authored the following laws: Universal Access to Quality Tertiary Education, Universal Healthcare, Mandatory PhilHealth Coverage for Persons with Disability, Comprehensive National Feeding Program, Free Irrigation Service, Ease of Doing Business, Free Internet Access in Public Places, Extending the Validity of Philippine Passport and Driver's License, National ID System, First 1,000 Days of Life, Amendments to the SSS Charter, the New Central Bank Act, and Designating Casinos as Covered Persons under the AMLA.

In the 16th Congress, Mr. Recto was also Senate President Pro Tempore while in the 12th, 13th and 15th Congresses, was Chairperson of the Committee on Ways and Means and member of the Commission on Appointments. His other legislative accomplishments before the 17th Congress include authorship of laws on Kindergarten, K to 12, mandatory PHILHEALTH coverage for senior citizens, additional benefits for Persons with Disabilities, Centenarians Act, increasing the tax-exempt ceiling on 13th month pay and other benefits, PAGASA modernization, extension of the Agricultural Competitiveness Enhancement Fund, AFP modernization, creation of the Department of Information and Communications Technology, Customs Modernization and Tariff Act and extending the corporate life of the Philippine National Railways. He also initiated increased budget support for State Universities and Colleges (SUCs), free college tuition, hiring of rural doctors and nurses, upgrading of regional hospitals, Centenarian and senior citizen benefits, DSWD feeding program, OFW Repatriation, PNP Modernization, DOLE livelihood and emergency employment programs, among others.

During the COVID-19 pandemic, Mr. Recto filed bills that were consolidated in Bayanihan I and II. He initiated budget priorities that were necessary not only to stem the spread of the virus but also to speed up the economic recovery. These support for health programs included funding for testing, isolation and quarantine, contact tracing, treatment, and eventually for the purchase and logistics of COVID-19 vaccines. Budget allocation was also provided for social amelioration programs to alleviate the plight of those who were without income in view of the lockdowns.

Mr. Recto has also supported initiatives intended to soften the impact of an economic downturn. These include the funding of wholesale banking and equity infusion for government banks and financial institutions to finance industries affected by the COVID19 pandemic. These benefited MSMEs, cooperatives, hospitals, tourism and OFWs, among others. Business was also assisted through a combination of increasing available loanable funds, reducing documentary requirements, increasing maximum loan amounts per borrower, reducing interest rates, extending loan terms, utilization of financial technologies, and financing operating expenses to ensure that they continue operating their businesses.

Bayanihan III, otherwise known as to Bayanihan to Rebuild as One, was also filed by Mr. Recto in December of 2020. This was meant as a continuing response to COVID-19 that will soften the impact of an economic downturn, accelerate the economic recovery of the country and to respond to the needs of areas battered by typhoons.

Mr. Recto obtained his undergraduate degree in Commerce, major in Business Management, from De La Salle University in Manila. He completed 36 academic units towards the degree of Masters in Public Administration from the University of the Philippines in Diliman, Quezon City. He also finished courses on leadership and business from John F. Kennedy School of Government, Harvard University and University of Asia and the Pacific, respectively.

RAPHAEL PERPETUO M. LOTILLA Secretary Department of Energy www.doe.gov.ph

Mr. Raphael Perpetuo M. Lotilla is the Secretary of the Department of Energy (DOE). This is Mr. Lotilla’s second assignment as Energy Chief as he once headed the DOE under former President Gloria Macapagal-Arroyo from 2005 to 2007 after serving as President and CEO of the Power Sector Assets and Liabilities Management Corporation (PSALM).

Mr. Lotilla was the supervising official of the secretariat of the Legislative-Executive Development Advisory Council (LEDAC), the advisory and consultative body to the Philippine President and the Legislature. He substantially contributed in formulating the Executive Branch's position in the deliberations of Congress and the bicameral conference committee meetings. Among the legislative reform measures, he was sought to help in crafting the Electric Power Industry Reform Act of 2001 (EPIRA).

Mr. Lotilla was the Deputy Director-General (DDG), with the rank of Undersecretary, of the National Economic Development Authority, from 1996 to January 2004. As DDG, he was designated as National Coordinator of the Philippine Council for Sustainable Development, where he pushed measures supportive of clean technologies and sustainable livelihoods, among other sustainable development advocacies.

Mr. Lotilla completed his undergraduate degrees in psychology and history and Juris Doctor from the University of the Philippines (UP) Diliman. He served as Editor-in-Chief of the Philippine Collegian from 1983 to 1984. He obtained his Master of Laws degree from the University of Michigan Law School. He had taught at the UP College of Law and once led the Institute of International Legal Studies of the UP Law Center from 1989 to 1996. He also served as UP's Vice-President for Public Affairs in 1991.

Mr. Lotilla is an expert in Constitutional Law, International Law, Corporation Law, Special Contract, Government Control of Businesses, International Economic Law, and Special Problems in Citizenship. Prior to joining the government, Mr. Lotilla served as legal consultant to the Senate and the Senate Committee on Foreign Relations.

AMENAH F. PANGANDAMAN Secretary Department of Budget and Management www.dbm.gov.ph

As the Secretary of the Department of Budget and Management (DBM), Amenah F. Pangandaman offers diversity and fresh perspective to an otherwise male-dominated team of economic technocrats.

A Maranao with roots from the south, Pangandaman always aims to give Mindanao a voice in her capacity as a public servant in the different branches of government. Having served in the Legislative, Executive, and the central bank, she has a unique perspective on the Philippine bureaucracy and a deep understanding of the interplay among the different sectors and agencies in the economic sector.

Prior to her appointment as the Secretary of Budget and Management, Pangandaman served as Assistant Governor, Concurrent Head of Strategic Communication and Advocacy and Executive Offices Coordinator of the Bangko Sentral ng Pilipinas. She was a key implementor of the Bangko Sentral's strategic initiatives aimed at bringing the central bank closer to the Filipino people. She championed financial inclusion and digital transformation and steered the execution of major projects supporting the Governor’s goals within and outside the halls of the BSP. With her extensive experience in the Legislative branch, she likewise advocated for the enactment of the BSP’s priority legislative measures.

Pangandaman is not new to the budget process. She was Undersecretary at the DBM during the Duterte Administration. Acting as the functional group Head of the Office of the Secretary, she directly supervised the Department Liaison Office and Budget Technical Bureau. During her stint at the DBM, she pushed for crucial budget reforms and was a key mover in the preparation, implementation, and monitoring of the General Appropriations Act. She also oversaw the implementation of Green, Green, Green—a budget assistance program for local government units to develop sustainable public open spaces.

As the chief of the DBM, Pangandaman vows to support the incoming administration's mission towards a broad-based and inclusive economic recovery, bringing the Philippines back on track to achieving a highmiddle income status.

She has a degree in Economics from the Far Eastern University and a diploma and master’s degree in Development Economics from the University of the Philippines. She was pursuing her Executive Master of Public Administration from the London School of Economics but is currently on leave to serve the DBM.

ARSENIO M. BALISACAN Secretary National Economic and Development Authority www.neda.gov.ph

Dr. Arsenio Balisacan is an economist with extensive development policy, governance, and administration expertise acquired from over 35 years of professional work as a government official, non-governmental organization executive, economic adviser, researcher, and professor.

A former professor of the University of the Philippines (UP) School of Economics for three decades, Dr. Balisacan is presently a Cabinet member of the Philippine Government, serving as Secretary of the National Economic and Development Authority, a post he had previously held from 2012 to 2016. He also served as the inaugural Chairperson of the Philippine Competition Commission from 2016 to 2022.

Previous to his Cabinet appointment in 2012, he was Dean of the UP School of Economics, Director-Chief Executive of the Southeast Asian Regional Centre for Graduate Study and Research in Agriculture (SEARCA), and Undersecretary for Policy and Planning of the Department of Agriculture. Before joining the UP faculty in 1987, he was Research Fellow at the East-West Center in Honolulu and Economist at the World Bank in Washington, DC.

He has authored and co-edited seven books and published, both locally and internationally, close to 100 academic papers and book chapters on various development issues, particularly in the Philippines and East Asia. His papers have appeared in, among others, Economics Letters (Elsevier), World Development (Elsevier), Review of World Economics (Springer), and Economic Development and Cultural Change (University of Chicago).

A member of the National Academy of Science and Technology (NAST Philippines) since 2008, Academician Balisacan holds a PhD in Economics from the University of Hawaii, MS in Agricultural Economics from the University of the Philippines Los Baños, and BS in Agriculture from the Mariano Marcos State University.

JESUS CRISPIN C. REMULLA Secretary Department of Justice www.doj.gov.ph

Jesus Crispin Catibayan Remulla is the Secretary of the Department of Justice.

Secretary Remulla finished his primary studies at the De La Salle in Taft Avenue, his secondary at the Ateneo de Manila High School, his pre-law Bachelor of Arts Major in Political Science at the University of the Philippines, and his Bachelor of Laws (Ll. B) also at the University of the Philippines. He ranked 17th in the 1987 Bar Exams and on the top 20 spot in his Career Executive Service Board Examination.

He began his law career as a private practitioner, being a Senior Partner at the Remulla and Associates Law Office, before moving on to be a Provincial Board Member for the Provincial Government of Cavite while being a Consultant and Provincial Coordinator for the MMDA on the Carmona Landfill Project.

He became Assistant Secretary at the Office of the President from 1998 until 2001; he then became the Chief of Staff of Senator Luisa Ejercito Estrada from 2002 to 2003.

Secretary Remulla had served as Cavite 3rd District Representative from 2004 to 2010; Cavite 7th District Representative from 2010 to 2013; Provincial Governor of Cavite from 2016 to 2019; and Cavite 7th District Representative and Senior Deputy Majority Leader from 2019 to 2022 before accepting his current role as Justice Secretary.

He authored the following notable House Measures in the 18th Congress:

• HB05989 - An Act Creating the Department of Disaster Resilience;
• HB06134 - An Act Mandating Banking Institutions to Strengthen the Financing System for Agricultural, Fisheries and Rural Development in the Philippines; and
• HB08992 - An Act Promoting the Use of Digital Payments for Financial Transactions of the Governments and all Merchants; and more.

MARIA CRISTINA ALDEGUER-ROQUE Secretary Department of Trade and Industry www.dti.gov.ph

Ms. Maria Cristina Aldeguer-Roque is the Secretary of the Department of Trade and Industry (DTI) and concurrent undersecretary of the DTI’s Micro, Small and Medium Enterprise (MSME) Development Group. Aside from being undersecretary of the MSME Development Group, she has managed the Bureau of Small and Medium Enterprise Development, the Bureau of Marketing Development and Promotions, the OTOP Program Management Office, and the Comprehensive Agrarian Reform Program Management Office.

Secretary Aldeguer-Roque obtained her degree in Industrial Management Engineering, minor in Chemical Engineering, from De La Salle University. She went to De La Salle Santiago Zobel in Alabang for her secondary education and Colegio de San Agustin in Makati and De La Salle Santiago Zobel for her primary education.

Secretary Aldeguer-Roque obtained her degree in Industrial Management Engineering, minor in Chemical Engineering, from De La Salle University. She went to De La Salle Santiago Zobel in Alabang for her secondary education and Colegio de San Agustin in Makati and De La Salle Santiago Zobel for her primary education.

DENNIS EDWARD A. DELA SERNA President and Chief Executive Officer Email: dadelaserna@psalm.gov.ph www.psalm.gov.ph

Mr. Dennis Edward A. Dela Serna brings to PSALM years of experience working in the power industry with vast exposure to regulatory, contract management, financial modeling, and valuation. He is leading PSALM in optimizing the proceeds from the sale of its power generation and real estate assets, settling the outstanding financial obligations and liabilities of PSALM, and administering the Universal Charge, among other urgent matters besetting the Corporation.

Mr. Dela Serna has over two decades of expertise in the Philippine energy sector. He supervised PSALM's Universal Levy, Tariff, and Financial Valuation Department from 2002 to 2008. He worked with then PSALM President and CEO and current Secretary of the Department of Energy (DOE) Raphael Perpetuo M. Lotilla for a year during the initial implementation phase of the privatization program and the transfer of the National Power Corporation (NPC) tariff functions to PSALM and during Secretary Lotilla’s first tenure in DOE from years 2005 to 2007.

Prior to returning to PSALM, he held the positions of First Vice President of Regulatory Affairs at AboitizPower and Contracts Manager at AES Philippines,

He graduated from the Ateneo de Manila University with a degree in Management Economics and the Gabelli School of Business of Fordham University in New York City, USA with an MBA in Finance.

• DENNIS EDWARD A. DELA SERNA

• President and Chief Executive Officer
• Email: dadelaserna@psalm.gov.ph

Mr. Dennis Edward A. Dela Serna brings to PSALM years of experience working in the power industry with vast exposure to regulatory, contract management, financial modeling, and valuation. He is leading PSALM in optimizing the proceeds from the sale of its power generation and real estate assets, settling the outstanding financial obligations and liabilities of PSALM, and administering the Universal Charge, among other urgent matters besetting the Corporation.

Mr. Dela Serna has over two decades of expertise in the Philippine energy sector. He supervised PSALM's Universal Levy, Tariff, and Financial Valuation Department from 2002 to 2008. He worked with then PSALM President and CEO and current Secretary of the Department of Energy (DOE) Raphael Perpetuo M. Lotilla for a year during the initial implementation phase of the privatization program and the transfer of the National Power Corporation (NPC) tariff functions to PSALM and during Secretary Lotilla’s first tenure in DOE from years 2005 to 2007.

Prior to returning to PSALM, he held the positions of First Vice President of Regulatory Affairs at AboitizPower and Contracts Manager at AES Philippines.

He graduated from the Ateneo de Manila University with a degree in Management Economics and the Gabelli School of Business of Fordham University in New York City, USA with an MBA in Finance.

• ARNOLD C. FRANCISCO

• Vice President, Privatization and Asset Management Group
• Email: acfrancisco@psalm.gov.ph

Mr. Arnold C. Francisco has an extensive career in the electric power industry. He worked in the National Power Corporation (NPC) since 1989 until he became Principal Engineer several years later.

For 11 years, he assumed multiple roles related to NPC’s contract negotiation and administration on natural gas pipeline facilities, project management, treasury management and loan sourcing. Mr. Francisco also designed and recommended financial strategies to minimize forex risks and improve cash flow for NPC.

He transferred to PSALM in 2003, a time when the restructuring program for the power industry took off. As time would tell, his career grew well in the Corporation. In 2004, he became the Manager of the Electricity Trading Department (ETD). After serving the unit for six years, he was transferred to the IPP/IPPA Contracts Administration Department (IPP/IPPA CAD) as Corporate Staff Officer in 2010 until 2012. He ascended to the position of Manager in the same department two years later. In 2016, he was appointed as Vice-President for the Asset Management Group (AMG).

Mr. Francisco’s expertise has contributed largely to the achievement of PSALM’s twin mandate of asset privatization and liability management. His wide-ranging experience in financial management, contract implementation, privatization schemes and framework, and electricity trading has resulted in the attainment of the corporation’s objectives.

A licensed Civil Engineer, Mr. Francisco finished his bachelor’s degree at Baliuag University and his master’s degree in Business Administration from the same institution.

• MANUEL MARCOS M. VILLALON II

• Vice President, Finance
• Email: mmmvillalon@psalm.gov.ph

Mr. Manuel Marcos M. Villalon II joined PSALM in 2004 as a consultant to the PSALM Finance Group and became the manager of the Loans Administration Division the following year. Prior to his appointment as Acting Vice President for Finance, he was the manager of the Treasury Department and acting manager of the Liability Management Department. In his first few years in PSALM, he was heavily involved in the PHP 200 billion debt absorption by the national government, valuation of power plants up which were up for sale and obtaining creditors’ consent – especially from the World Bank, Asian Development Bank and Japan Bank for International Cooperation – for the privatization of the National Power Corporation’s generation and transmission assets. His stint in PSALM also includes contracts management, policy research, power accounts management, WESM billing and settlement, and procurement.

Prior to joining the government service, he worked in the non-government sector promoting youth development and managing social projects benefitting the underprivileged focusing on health, nutrition, agricultural and technical education with the assistance of local and foreign volunteers. His stint in the NGO sector involved project/program development and management, fund raising, budgeting, cash management, and maintaining good relations with local and foreign donors. His other work experiences include journalism, advertising, marketing, investment promotion, and business-economic research.

Mr. Villalon has passed the Certified Treasury Professional examination of the Bankers Association of the Philippines’ Treasury Certification Program. He obtained his Economics degree from the Ateneo de Manila University and Master in Public Administration, major in Public Policy and Program Administration, from the University of the Philippines - National College of Public Administration and Governance. He is also a Career Executive Service eligible. He volunteers his free time in giving Math tutorials to public elementary school pupils.

• MARIA ILYN G. ALBITO

• Vice President, Legal and General Counsel
• Email: migalbito@psalm.gov.ph

Atty. Maria Ilyn C. Geronimo – Albito is the Vice President for Legal Group and General Counsel. Prior to her current post, she was the Manager of PSALM Corporate Legal Department.

Atty. Maria Ilyn started her extensive and multi-faceted legal career with PSALM as Corporate Attorney back in May 2011. As Corporate Attorney, she handled legal matters arising from or in connection with the performance of PSALM in its mandates, powers, and functions. This position tasked her to prepare legal opinions, advice, and position papers on the legality of matters referred to the Legal Group by various functional groups and departments composing the Corporation.

Atty. Maria Ilyn meritoriously defended PSALM’s petitions, applications, and actions before the appropriate judicial, administrative, or regulatory agency. She assiduously represented PSALM in all hearings and conferences and ensured that the petitions, applications, and actions adhere to the directions of the General Counsel. She was also involved with the legalities of PSALM’s Special Projects, particularly on review, negotiation, and documentation.

Atty. Maria Ilyn earned her BA Philosophy degree, graduating cum laude from University of the Philippines-Diliman in 2003, and her Bachelor of Laws from San Beda College in 2008, with academic merit as Dean’s List in various semesters.

• GLENN B. SANTOS

• Vice President, Corporate Services Group
• Email: gbsantos@psalm.gov.ph

Mr. Glenn B. Santos joined PSALM Corporation in August 2020, in the middle of the COVID-19 pandemic, as Department Manager of the Human Resources and Administration Services Department. He had since then been appointed as Acting Vice President of the Corporate Services Group.

As Acting Vice President, he exercises direct supervision and control over all matters related to human resources, administrative services and information and communications technologies. He is the Chairperson of the Single Bids and Awards Committee (SBAC), Career Development Committee (CDC) and Review and Compliance Committee (RCC), and he is also heavily involved in the Occupational Safety and Health Committee (OSHC), Employee-Management Committee (EMC), Performance Management Team and Human Resource merit Promotion and Selection Board (HRMPSB), among many others.

Having obtained his CS Professional Eligibility in 2000 and Career Executive Service Eligibility (CESE) in 2014, Mr. Santos has an extensive background in national and local government service. Prior his appointment to PSALM Corporation, he was a Deputy Administrator and Deputy Director General at two (2) other GOCCs. He also served as Municipal Councilor of LGU-Marilao, Bulacan from 1992 to 2001 and as Provincial Board Member of Bulacan from 2001 up to 2010.

He completed his Bachelor of Arts degree in Political Science and Juris Doctor degree in the University of Santo Tomas and San Sebastian College, respectively.