PSALM demands payment of P1.93B in arrears
The state-run Power Sector Assets and Liability Management Corp. (PSALM) has ordered 14 companies to pay a total of P1.93 billion in dues or face charges in court, the Department of Finance (DOF) said Tuesday.
In a statement, the DOF said Psalm president and chief executive Irene Besido Garcia and vice president for finance Lourdes Alzona already sent out final demand letters giving the 14 firms 10 days to pay their arrears.
“Psalm will be constrained to take legal steps against any of the firms that fail to heed the final demand and pay their overdue obligations,” the DOF quoted Garcia as saying.
“For years, these companies have evaded the collection efforts of National Power Corp. and PSALM, causing extreme prejudice and serious damage to PSALM and the government. Under President Duterte’s administration, there are no sacred cows. We will not hesitate to file cases against these firms and their officers if the arrears are not paid soon. We need to protect electricity consumers who end up subsidizing the cost of these firms’ nonpayment,” she added.
PSALM is collecting the biggest arrears amounting P611.36 million from NPC Alliance Corp., a polyethylene plant in Bataan. The unpaid dues accumulated for more than a decade, the DOF said.
The other companies being targeted by Psalm are Canlubang Sugar Estates in Laguna (P517.56 million covering a period of more than 10 years); Abra Electric Cooperative Inc. (P505.32 million for over three years); Philippine Economic Zone Authority (Peza)-Mactan Economic Zone (P74.93 million for over eight years); Clark Power Corp. (P67.1 million for over 16 years); First Bay Power Corp. (P31.36 million for more than six years); Sunrise Paper Production Inc. in Bataan (P29.05 million for over 15 years); Diversified Ecozone Corp. (P23.32 million for over 11 years); First Bukidnon Electric Cooperative Inc. (P10.9 million); Waterfront Airport Hotel and Casino (P8.46 million for over five years); Isarog Pulp and Paper Co. Inc. (P5.251 million); Maria Cristina Chemicals Inc. Corp. (P4.99 million), and Mindanao State University (P3.313 million).
The municipal government of Pantabangan, Nueva Ecija, also received a demand letter for P38.55 million owed by Pantabangan Municipal Electric Services covering a period of more than six years.
