PSALM successfully privatizes its land assets in Misamis Oriental, Cebu and Ilocos Norte

06 Nov 2019

The Power Sector Assets and Liabilities Management Corporation (PSALM) successfully privatizes, through public biddings held this afternoon, the following land assets:

1.) 155,504 sq.m. lot in Jasaan, Misamis Oriental; winning bid offer from Panasia Energy, Inc. amounting PHP600,000,000.00
2.) 129,589 sq.m. lot in Talavera and Calong-calong in Toledo City, Cebu; winning bid offer from Panasia Energy, Inc. amounting PHP250,000,000.00
3.) 3,530 sq.m. lot in Barangay 21, P. Gomez St., Laoag City, Ilocos Norte; winning bid offer from Panasia Energy, Inc. amounting PHP84,720,000.00

PSALM President and CEO Irene Besido-Garcia said, “We are very happy that our public biddings were successful. The total bid amount of PHP934,720,000.00, once remitted to PSALM, will be used by PSALM to pay its remaining financial obligations.”

There were two bidders that participated in the biddings of these land assets, namely Pan Pacific Renewable Power Philippines Corporation (“Pan Pacific”) and Panasia Energy, Inc. (“Panasia”). Panasia submitted the higher bids and was thus declared the winning bidder, subject to the post-qualification process.

The biddings today were PSALM’s second attempt at privatizing these land assets. In September 2019, PSALM conducted the first round of bidding of the same assets. However, PSALM declared a failure of bidding because only one bidder submitted a bid for the assets in Misamis Oriental and Cebu, while none submitted for the Laoag City asset. PSALM immediately sought the approval of the PSALM Board to commence the second round of bidding, which culminated in today’s successful submission and opening of bids.

Corporate Communications Division
Tel. No. (632) 9029067