PSALM successfully sells its Agusan, Maco and Nasipit real estate assets

06 Aug 2020

The Power Sector Assets and Liabilities Management Corporation (PSALM) successfully privatized today its real estate assets located in Agusan, Maco and Nasipit, raising a total of P36,233,308.00 that can be utilized to pay for remaining liabilities of the National Power Corporation (NPC).

These real estate assets covered by today’s privatization process are, as follows:

1. 3 lots with a total area of 10,596 sq. meters in Agusan, Manolo Fortich, Bukidnon, with the winning bid offer coming from FG Bukidnon Power amounting to P28,610,168.00;

2. 1 lot with an area of 1,595 sq. meters in Maco, Davao de Oro City, with the winning bid offer coming from Therma Marine, Inc. amounting to P3,209,140.00;

3. 1 lot with an area of 3,395 sq. meters in Nasipit, Agusan del Norte, with the winning bid offer also coming from Therma Marine, Inc. amounting P4,414,000.00.

All the bid offers were above the minimum bid prices approved by the PSALM Board of Directors. In compliance with the PSALM policies, the basis used for the minimum bid price was the higher valuation out of the two (2) external appraisal reports that were done on the said real estate assets.

PSALM President and Chief Executive Officer, Irene Besido Garcia said “We are glad that the privatization activity was successful despite the pandemic. This privatization activity will generate a total bid amount of P36,233,308.00 for PSALM. And once remitted to PSALM, the proceeds will be used by us to pay the remaining financial obligations that we got from the National Power Corporation.”

The results of the bidding exercises will be subject to post-qualification process to ensure that the winning bidders met all the financial and legal requirements as indicated in the asset sale provisions.

The Agusan property is an area where land development can be for mixed residential and agricultural purposes. It is also an industrial lot suitable for power plant operations. The Maco property is in a coastal area with a small port, making it ideal for business ventures related to the fishing industry. The Nasipit property is located in an area where land development is for industrial purposes.