04 Dec 2020
The Power Sector Assets and Liabilities Management Corporation (PSALM) successfully sold on 02 December 2020 its real estate properties in Loboc, Province of Bohol and Camalaniugan, Province of Cagayan.
Sta. Clara Power Corporation (SCPC) is the winning party for the Loboc property, while Cagayan II Electric Cooperative (CAGELCO II) is the winning party for the Camalaniugan property. SCPC’s financial bid for the Loboc property amounted to PHP12,200,000.00, while CAGELCO II’s bid offer for the Camalaniugan property amounted to PHP3,222,500.00. The two firms will still undergo the post-qualification process before they can be finally declared as the new owners of the said properties.
The Loboc property consists of four (4) lots situated in Barangays Gotozon and Bagumbayan, with an estimated total land area of 13,204 square meters. The sale is inclusive of structures and improvements in the area. The Camalaniugan property consists of only one (1) lot, with a total area of 2,148 square meters.
The public bidding was scheduled on 02 December 2020. Only one bid each was submitted for the Loboc property and the Camalaniugan property. In accordance with the bidding rules of PSALM, the PSALM Bids and Awards Committee was constrained to declare a failure of the public bidding having received only one bid for each property, and to commence the negotiated process of privatization. Consequently, the negotiation process with the lone bidder was immediately followed in accordance with Schedule 8 – Negotiation Procedure of the Bidding Procedures. The process led to the successful privatization of the Loboc property and the Camalaniugan property.
PSALM uses the revenues from the successful sale of its land assets to settle the financial obligations assumed from the National Power Corporation.
Strategic Communications and Partnership Division