10 Sep 2019
The Power Sector Assets and Liabilities Management Corporation (PSALM) will rebid its real estate assets (REAs) in Barangay Aplaya, Jasaan, Misamis Oriental, Toledo City, Cebu and in Laoag City, Ilocos Norte as soon as it has adjusted the bidding schedule and sought the approval of the PSALM Board to commence the second round of bidding.
The bid opening exercises conducted on 05 September 2019 for the Jasaan and Toledo assets were declared a failure when only one bidder for each asset participated and offered bids. No one submitted bid offers for the Laoag City assets.
“PSALM is committed to privatize these land assets within 2019 but it is also important that the adjusted bidding timetable expediting the second round of bidding is in line with applicable laws,” PSALM President and CEO Irene Joy Besido-Garcia said.
The land asset in Aplaya, Misamis Oriental consists of 49 lots with a total area of about 155,504.00 square meters. The land asset in Toledo City, Cebu consists of 21 lots with a total area of about 129,589.00 square meters. The asset in Laoag City has a total area of about 3,530 square meters.
Proceeds from the sale of these assets will be used to augment funds to settle PSALM’s assumed financial obligations.
Corporate Communications Division