PSALM to borrow P60B for ’13

A+
A
A-

State-run Power Sector Assets and Liabilities Management Corp., or PSALM, plans to raise P60 billion to fund maturing obligations and meet other operational requirements for 2013.

In a text message, PSALM president and CEO Emmanuel R. Ledesma Jr. said this was the company’s “net requirement,” after taking into account the scheduled collection of payments for power assets or independent power producer administrator contracts that had been sold and the projected revenues from existing state-owned facilities.

According to Ledesma, the full P60 billion will be raised through on-lending.

“As part of its corporate plan for 2013, (PSALM) expects to reduce the cost of its borrowings by on-lending from the government,” Ledesma said, adding that PSALM would also reduce its overall cost through the adoption of certain financial management strategies, including the effective handling of its receivables from privatization and power sales.

As of end-September this year, PSALM has obligations worth P640 billion ($15.28 billion). Of the amount, P328.9 billion represented actual debts while P311.2 billion referred to lease obligations.

PSALM has been trying to bring down its debt level but was having a hard time doing so, with state-run National Power Corp. still managing and operating the remaining government-owned power plants and contracted capacities from the independent power producers. These facilities and contracts have yet to be privatized or sold and turned over to the private sector.

PSALM is implementing a liability management program and pursuing the sale of the remaining state-owned power assets and contracted capacities. It is working on the recovery of at least P140 billion of the cost of stranded debts from power consumers through the imposition of a universal charge.

At present, the petition to collect the entire P140 billion is pending with the Energy Regulatory Commission.

Under this application, PSALM wanted to collect from power consumers 36 centavos per kWh over the next four years, and a separate 3 centavos per kWh over 15 years.

Inquirer Viber

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • vaporub123

    uutang na naman?nasaan na pala ang perang ininabayad sa kanila ng mga “power producers / suppliers”? ang pagkaka alm ako ang psalm na ito ay self supporting with the income they are recieving?ngayong uutang na naman at ang taxpayers ang babayad sa mga ito?ang laki ng mga sweldo ng mga nagtratrabaho dito at uutang para sa kanila?mr. emmanuel ledesma jr.,commom sense dictates na dapat self supporting ang psalm at hindi uutang.kung hindi mo kaya patakbuhin ang isang kompanyang sa utang lamang umaasa,just quit.palagay mo ba magaling ka?don’t.marami dyan mas magaling sayo at alam mo yan.

  • iping2sison

    PSALM is a redundant agency and I think is a milking cow by previous dispensation. NPC should be the only agency on power generation and distribution. Those mentioned debt are incurred during tenures of corrupt officials and personnel and should not passed on to consumers..

  • joboni96

    utak utang zte aroyo
    alive and well
    in pnoy’s lihis na daan

    senators better investigate
    the money flows here

    specially who’s getting cutkongs

    • O.o

       your stupid poem doesn’t rhyme, you moron.

      • joboni96

        this more moronic guy
        keeps getting morestupid

        anyway keep reading my posts
        i’m sure you’re learning a lot

        lessens your stupidity and moronicness

        hehehe

      • O.o

        your poem still doesn’t rhyme, you moron! LOL

      • joboni96

        this more moronic guy
        keeps getting morestupid

        anyway keep reading my posts
        i’m sure you’re learning a lot

        lessens your stupidity and moronicness

        hehehe

  • http://profile.yahoo.com/FWD5IDZT7SXOEHKLE3O7CGFOAE Bright

    Why borrow and borrow? Endless debt spiral. 

  • boypalaban

    MGA BOBO MGA OPISYAL AT EMPLEYADO DIYAN SA PSALM…
    sorry for capital letters…PERO MGA BOBO KASI TALAGA!

    sana mga taga PSALM nababasa niyo ito: mga BOBO KAYO!

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement

popular

advertisement

videos