19 Jan 2007
Finance Secretary Gary B. Teves and Energy Secretary Raphael P.M. Lotilla announced that the Power Sector Assets and Liabilities Management Corporation (PSALM) will release the final bid documents for the 25-year concession of the National Transmission Corporation on Monday, 22 January. The public auction will be held two weeks later.
Secretary Teves and Secretary Lotilla are the chairman and vice chairman, respectively, of PSALM, the government agency in charge of the power sector privatization program.
"All the three bidders have been informed and consulted about and have agreed to the change in schedule," Secretary Teves and Secretary Lotilla said.
The bidders will have two weeks to review the documents and finalize their bids. They are expected to submit the copies of the Direct Agreement signed by the bidders and their proposed concession fee on the bidding date.
The decision to reschedule the bid date to early February was made to give the PSALM management and prospective bidders additional time to thresh out some important legal and commercial issues to ensure a sustainable long-term concession contract which is fair to both the Philippine government and the bidders, said Secretary Teves and Secretary Lotilla.
Strategic Communications and Partnership Division |