PSALM sets re-auction of Pampanga property

MANILA, Philippines — State-run Power Sector Assets and Liabilities Management Corp. (PSALM) is auctioning off its five-hectare prime property in Pampanga for the third time.

PSALM published an invitation to bid for its 50,447-square meter Mexico, Pampanga property, with an asking price of P741.33 million.

The price is lower compared to the minimum bid price of P803.15 million set in the first round.

PSALM has set the deadline to submit bids on Jan. 20, 2022, 2 p.m. which will be followed immediately by the opening of the submitted bids.

Prior to the deadline, the agency will hold a pre-bid conference on Dec. 16 to provide an opportunity for prospective bidders to raise questions and seek clarification pertinent to the terms of the sale.

To be sold on an “as-is, where-is” basis, the Mexico property consists of one lot with a clean title and includes warehouse structures and other land improvements.

PSALM said the property is suitable for commercial land development and is highly accessible via the North Luzon Expressway, Subic-Clark-Tarlac Expressway, MacArthur Highway, and Jose Abad Santos Avenue and the soon-to-be operational Manila-Clark Railway System.

“The new owner may redevelop the area for wholesale and retail stores, shops, and supermarkets. The property can also be utilized as site for battery energy storage systems given its close proximity to the National Grid Corp. of the Philippines Mexico substation,” PSALM said.

In previous rounds, interested parties for the property were United Ascent Holdings Inc., Panasia Energy Inc. and Pan Pacific Renewable Power Philippines Corp.

PSALM is the agency mandated by the Electric Power Industry Reform Act of 2001 to handle the sale of the remaining state-power assets, as well as the financial obligations of National Power Corp.

The privatization programs aim to generate additional income for the payment of PSALM’s assumed liabilities.

Revenues from the successful sale of PSALM land properties will be used to augment funds for the settlement of the assumed financial obligations from Napocor.

PSALM hopes to cut the amount by P23 billion to P358 billion by the end of the year. As of end-June, PSALM’s debts reached P367.9 billion.