14 Jul 2011
Power Sector Assets and Liabilities Management (PSALM) Corporation President and Chief Executive Officer, Emmanuel R. Ledesma, Jr., assured its stakeholders that PSALM will continuously strive to fulfill its core mandates under the Electric Power Industry Reform Act (EPIRA).
The assurance was made during PSALM's Stakeholders' Night held on 29 June 2011 to celebrate its 10 years of existence since the enactment of the EPIRA.
During the event, Ledesma recognized the various contributions of PSALM to the development of the electric power industry. "The past 10 years has been propitious for PSALM in terms of the achievements and accomplishments it has chalked up in fulfilling its twin mandates. Admirably, the Corporation has withstood the controversies, the criticisms, and the concerns strewn along its path to success," Ledesma said in his opening remarks.
President Benigno Aquino III also gave due recognition to PSALM in a message read by Deputy Executive Secretary Teofilo Pilando, Jr. "PSALM has been a reliable partner of the government in transforming the power industry into a competitive, market-driven sector crucial to our country's development. Your fulfillment of your mandate has greatly contributed to genuine public service - one guided by the daylight principles of transparency, accountability, and integrity - that we strive to bring to the Filipino people."
Vice President Jejomar Binay graced the event as PSALM's Guest of Honor. His thoughts and views on the success of the EPIRA as well as the effects of its implementation in the government's power reform program were appreciated not only by PSALM but also by the private sector. He, together with PSALM, likewise recognized the substantial investment and unwavering commitment of key energy players in the development of a competitive power industry in the Philippines. These key players included Aboitiz Power Corporation, First Generation Holdings, Inc., and San Miguel Corporation for their significant contributions to the generation sector; and National Grid Corporation of the Philippines for its active involvement as the country's transmission system concessionaire.
PSALM showcased its role over the past decade through a flash presentation that highlighted the milestones it has achieved and the awards it has earned over the years illustrating the fusion of talent, intellect, skill and creativity of PSALM officials, employees, and partner agencies in contributing to the corporation's development and growth.
PSALM is scheduled to resume the privatization of its remaining assets in July. As a critical component of its liability management program, PSALM, with the support of the finance and energy departments, filed with the Energy Regulatory Commission on 28 June 2011 the Universal Charge for the recovery of the stranded debts (SD) and the stranded contract costs (SCC) of the National Power Corporation (NPC) pursuant to the EPIRA. The completion of the privatization program and the approval of the Universal Charge for SD and SCC will further reduce the stranded obligations of NPC.
PSALM will remain steadfast in its mission as it continues to uphold the best interests of the consumer public.
Strategic Communications and Partnership Division |