PSALM to sell 2 properties

MANILA, Philippines — State-run Power Sector Assets and Liabilities Management Corp. (PSALM) will sell its two properties this year to reduce its financial obligations.

PSALM has invited bidders for the sale of its Manila Thermal Power Plant property in Paco, Manila and its Bauang Diesel Power Plant land in Payocpoc Sur, Bauang, La Union on an “as is, where is” basis. 

The Manila Thermal property has eight lots and indicative area of 20,975 square meters (2.0975 hectares), while the Bauang plant land has 92 lots and indicative area of 257,995 square meters (25.7995 hectares).

“Those assets are scheduled for bidding in January,” PSALM officer in charge and Privatization, Bids and Awards Committee chairperson Lourdes Alzona said in a text message.

Alzona said a pre-bid conference was conducted on Dec. 21, 2017 while the deadline for submission of bids is scheduled on Jan. 24.

“The minimum bid is still to be determined by the PSALM board as the external report of the independent appraiser hired by PSALM is not yet available,” she said.

Under the sale, the state-run firm said bidders have the option to submit a bid on any of all the assets since the evaluation and award would be undertaken on a per asset basis. 

Alzona said the agency has reviewed its remaining real estate assets while waiting for the direction on the sale of government-owned power plants, such as the Malaya power plant, from the Department of Energy (DOE).

PSALM is the entity created by the Electric Power Industry Reform Act (EPIRA) of 2001 to privatize government-owned power assets.

In addition to power assets, the law also directed PSALM to take ownership and implement a sale or privatization program for real estate and all other disposable assets.