PSALM reduces financial obligations

By Manila Standard – May 27, 2024, 7:45 pm

The Power Sector Assets and Liabilities Management Corp. (PSALM) said it reduced its liabilities to P283.65 billion as of March 31, 2024 from the 2003 peak of P1.24 trillion.

It said the reduction was due to several factors including Therma Luzon Inc.’s (TLI) prepayment of its monthly payments on Pagbilao Coal-Fired Power Plant IPPA in November 2023, the sale and turnover of the Casecnan Hydroelectric Power Plant to Fresh River Lakes Corp. in February 2024 and the successful privatization of selected real estate assets within the allotted timeline.

“We are extremely pleased with the progress made in reducing our financial obligations,” said PSALM president and chief executive Dennis Edward Dela Serna. “The reduction in our financial obligations bring us closer to fulfilling PSALM’s mandates and ensuring a sustainable power sector in the Philippines.”

PSALM said that as of March 30, 2024, the privatization proceeds generated from the sale of generation assets, appointment of IPP Administrators, privatization by way of concession of the government transmission business reached P903.412 billion, with an actual collection of P769.602 billion.