PSALM logs ₱4.82 B in deferred collections

Due to ECQ

By Myrna M. Velasco – June 3, 2020, 10:00 PM
from Manila Bulletin

State-run Power Sector Assets and Liabilities Management Corporation (PSALM) has logged ₱4.82 billion worth of ‘deferred collections’ because of the government’s enforcement of enhanced community quarantine (ECQ) to help stem the spread of coronavirus infections in the country.

The initial calculations though just covered March and April billings; and the total amount uncollected in May has yet to be firmed up.

The government-owned company has reported to the Joint Congressional Energy Commission (JCEC) that its estimated deferred revenue collections in March hovered at ₱1.254 billion; and it had been higher at ₱3.566 billion in April. The company said it issued three extension due dates to its customers; and the advisory posits that the uncollected amounts from March 16 to May billings shall be without interests and penalties.

It qualified that its ‘deferred collections policy’ had been applicable only to those PSALM power customers that are “operating in NCR and in high risk areas in Luzon, Visayas and Mindanao,” that had been covered by the ECQ impositions of the State.

The temporarily suspended collections also covered remittances of universal charges (UCs) being collected by the distribution utilities and other entities that have direct dealing with customers.

The government-run firm similarly advised its independent power producer administrators (IPPAs) of the same payment deferment on the power supply contracts that they had been administering on behalf of PSALM – but with some conditions.