PSALM turns over Bauang property to La Union government

MANILA, Philippines — State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has turned over its Bauang property to the provincial government of La Union.

In a statement yesterday, PSALM said it achieved another milestone in its privatization efforts as it concluded the sale of parcels of land underlying the Bauang diesel power plant to the Provincial Government of La Union (PGLU).

The assets transferred to PGLU consisted of 92 lots.

The property, sold on an “as-is-where-is” basis, was purchased by PGLU in the amount of P524.21 million  by way of a government-to-government transaction following PSALM’s policies on the transfer of real estate assets.

“This undertaking is a mutually beneficial activity for PSALM and the Provincial Government of La Union. On the part of the provincial government, it will be able to pursue their provincial development goals and plans relative to this valuable piece of property,” PSALM president and chief executive officer Irene Joy Besido-Garcia said.

“For PSALM, the sale of the property will help us raise much needed revenues to settle our financial obligations assumed from the National Power Corp.,”  she said.

The Bauang property is located at Payopoc Sur, Bauang, La Union and has an aggregate area of 261,349.32 square meters.