MTPP bidding declared a failure

06 Feb 2008

The Power Sector Assets and Liabilities Management Corporation (PSALM) yesterday (06 February 2008) declared a failure of bidding for the decommissioned or retired Manila Thermal Power Plant (MTPP) located at Isla de Provisor, Paco, Manila.

Gagasan Steel Inc., an affiliate of Malaysia-based Gagasan Steel Sdn Berhad, and JC Ethanol and Metal Trading Corp., a South Korea-based company, submitted their respective bids before the 12 noon deadline set by PSALM.

JC Ethanol's technical bid submission was rated "failed" by the PSALM Privatization, Bids and Awards Committee (PBAC), thus preventing it from further participating in the bidding exercise.

Gagasan, on the other hand, reached the culmination of the bidding process - the opening of the financial bid. But PSALM President and Chief Executive Officer Jose C. Ibazeta informed the company that its bid offer for the MTPP did not meet the reserve price set by the PBAC. Mr. Ibazeta thus declared the bidding a failure.

Mr. Ibazeta explained that the result of the MTPP bidding would be relayed to the PBAC members who would then make the recommendation to the PSALM Board on the subsequent actions to be taken.

Strategic Communications and Partnership Division
Tel. No. (632) 9029067