Parties keen on PSALM’s Bataan assets
BY LENIE LECTURA – NOVEMBER 8, 2021
from Business Mirror
Six parties are interested to join the bidding for a property that used to be the site of the decommissioned Bataan Thermal Power Plant.
According to Power Sector Assets and Liabilities Management Corp. (PSALM), the six registered bidders for this sale are Pan Pacific Renewable Power Philippines Corp., Laylani Latina De Vera, Fort Pillar Energy Inc., Panasia Energy Inc., Cordillera Hydo Corporation, and Bellagio Holdings Inc.
The state firm said over the weekend that it has moved the deadline for the submission of bids for its real estate assets in Brgys. Luz and Kitang II in Limay, Bataan from November 5 to November 9.
“The deadline was adjusted to give ample time for all the interested parties to undertake thorough due diligence on the assets, allowing them an opportunity to do site visit, to review pertinent documents and to revisit their business plans vis-à-vis PSALM’s sale requirements,” it said.
The sale of the Limay assets shall be on an “as-is, where-is” basis, with the PSALM board-approved minimum bid price set at P250,425,045.
The bidding will be conducted at the PSALM office at the 24th Floor Vertis North Corporate Center 1, North Avenue, Quezon City at 2 p.m. on November 9. The opening and evaluation of bids will immediately follow at 2:15 p.m.
The Limay assets cover an estimated area of 139,054 square meters, more or less, divided into 14 lots. These assets are ideal for industrial development and energy-related projects due to its proximity to the Limay Substation. PSALM said some parts can be developed for residential purposes as the terrain of the land is generally flat with rolling portions.
In September, PSALM announced that it would sell more assets to reduce the debts incurred by the National Power Corp. (NPC).
As of end-June, PSALM’s financial obligations stood at P368.08 billion, the state firm’s president Irene Joy Garcia said. “We hope to bring down the obligations to P358.72 billion this year.”
PSALM had just completed the successful bidding of its property in Paco, Manila. The Manila Electric Co. submitted the highest offer amounting to P632,162,185.00.
The state-run firm sources funds for debt payment from privatization proceeds, which include payments from independent power producer administrators and from the concession payments from the transmission business.
It has disposed of a total of 10 real estate assets in Agusan in Bukidnon, Maco in Davao de Oro, Nasipit in Agusan del Norte, Loboc in Bohol and Camalaniugan in Cagayan, raising revenues of P51.65 million. Other disposable assets from retired equipment and scrap materials were sold by PSALM for P26.45 million.
