28 Aug 2020
The Power Sector Assets and Liabilities Management (PSALM) Corporation received on 27 August 2020 the amount of P222,468,021.95 from Samar I Electric Cooperative, Inc. (SAMELCO I) as prepayment for its restructured payables to PSALM. The prepayment was remitted to PSALM via loan secured by SAMELCO 1 from Development Bank of the Philippines (DBP).
“We really appreciate the efforts put in by SAMELCO I in settling its obligations to PSALM. It is also current in the payment of PSALM’s monthly power bills. And for this, SAMELCO 1 can avail of the Prompt Payment Discount (PPD) program starting next month. PSALM is grateful to SAMELCO 1 for this pre-payment, which will be used for paying the remaining obligations assumed by PSALM from the National Power Corporation,” PSALM President and Chief Executive Officer, Irene Besido Garcia, said.
SAMELCO I is also updated in the remittance to PSALM of the Universal Charges it collected from the end-users.
SAMELCO I’s Restructuring Agreement (RA) with PSALM has an amortization schedule until April 2026. The RA has a prepayment provision giving SAMELCO I an option to look for better financing terms if such opportunity arises.
DBP is one of the banking institutions in partnership with PSALM that offers financing to PSALM’s power customers with restructured agreements and special payment arrangements. DBP offers flexible payment schemes, longer payment tenor and even lower interest rates.
SAMELCO I is a non-stock, non-profit electric cooperative existing under the laws of the Philippines. It is authorized to distribute and provide electricity services to its members-consumers in the Municipalities of Gandara, Matuguinao, San Jorge, Sta. Margarita, Tarangnan, Pagsanghan, and the City of Calbayog, all in the province of Samar.
SAMELCO I has a Contract for the Supply of Electric Energy with PSALM until 25 December 2020.
Strategic Communications and Partnership Division