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PSALM seeks offers for 2.1-ha Paco property

/ 05:10 AM January 12, 2019

Power Sector Assets and Liabilities Management Corp. (PSALM) has called for offers for the negotiated sale of a 2.1-hectare property that hosted the Manila Thermal Power Plant in Paco, Manila, at a floor price of P736.37 million.

The state firm said interested parties should notify PSALM of their interest in an acceptance of negotiation procedure no later than Jan. 23, and that offers must be submitted by noon of Jan. 31.

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PSALM made the announcement following the failure of two rounds of bidding held in August and November last year.

The property—located in Isla de Provisor in Paco, Manila—is composed of eight lots totaling 20,975 square meters, or more than two ha.

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The power plant itself—which has two units that can each generate up to 100 megawatts of electricity—was decommissioned prior to its sale to Malaysia-based Gagasan Steel in 2008 for $2.5 million.

Last year, Psalm said the sale of the real estate property was primarily aimed at augmenting its funding sources that would be used in servicing assumed financial obligations.

As of June 2018, Psalm has privatized P918.5 billion worth of assets, of which amount 59 percent, or P545.3 billion, has been collected.

Also, Psalm has reduced its obligations by about two-thirds to P449.4 billion as of June 2018, from P1.24 trillion when the state firm was created 15 years ago. —RONNEL W. DOMINGO

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TAGS: Manila Thermal Power Plant in Paco, Power Sector Assets and Liabilities Management Corp. (PSALM)
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