Govt sets P885-M bid price for MTPP site

By Lenie Lectura – August 12, 2018
from Business Mirror

THE government has set a minimum bid price of P885 million for the sale of the Manila Thermal Power Plant (MTPP) site.

“The Power Sector Assets and Liabilities Management Corp. [PSALM] is republishing its Invitation to Bid [ITB] for the sale of the MTPP Land setting. The board approved the minimum bid price for the property at P885,746,650.00,” said the state firm tasked to dispose of  the assets of the National Power Corp.

PSALM said the ITB published last week does not refer to a new project, but merely intends to inform interested bidders of the land’s minimum bid price. The first ITB, published in December 2017, did not disclose the minimum bid price at that time.

“Any bid below the minimum bid price will be automatically rejected during bid opening. Interested parties are, likewise, informed that the property will be sold on an ‘as is, where is’ basis,” PSALM said.

Bidding is open to individuals and sole proprietorships, partnerships or corporation, joint ventures or consortiums, government corporate entities and local government units authorized by law to acquire, own, hold or develop real properties in the Philippines. If the bidder or any of its components is a corporation, it must be duly registered and organized under the laws of the Philippines and at least 60-percent Filipino-owned.

The property is situated in Isla de Provisor along the Pasig River in Paco, Manila. Comprised of eight lots, the property has an approximate area of 20,975 square meters.

The sale of the real-estate property is primarily aimed at augmenting its funding sources which will be used in servicing assumed financial obligations.