Psalm extends grace period amid extended quarantine period

By Jordeene B. Lagare – April 22, 2020
from The Manila Times

THE Power Sector Assets and Liabilities Management Corp. (Psalm) is extending the grace period for the payments due to the state-run firm whose due dates fall within the quarantine period.

In its advisory, Psalm said it is granting a grace period to concerned entities without imposing any interest and penalties for payments to the state-run corporation on power billings and ancillary services in the country falling due during the original and extended lockdown period covering March 15 to April 30.

“For this purpose, the accumulated amount of payments to Psalm falling due within the ECQ (extended community quarantine) shall be amortized in four equal monthly installments, payable in the four succeeding billing months following the end of the ECQ,” it said.

In case of universal charges (UC), Psalm provides the same grace period to collecting entities (CEs) falling due within the ECQ period without any interest and penalties.

Psalm promulgated these guidelines pursuant to separate advisories released by the Department of Energy and Energy Regulatory Commission as the government extended the implementation of the Luzon-wide lockdown until April 30.