The Power Sector Assets and Liabilities Management Corp. (PSALM) expects to pare down to P358 billion its debt by the end of 2021 from P381.72 billion at the start of the year.
In an online briefing yesterday, Irene Besido-Garcia, PSALM president and chief executive officer, said the goal to shave over 6 percent off of its debt will be achieved by privatizing three more assets this year.
Garcia said these are real estate properties in Mexico, Pampanga; Limay, Bataan; and in Baguio.
As of last June, PSALM’s outstanding financial obligations stood at P368 billion.
This year, PSALM has so far privatized the 650 megawatts Malaya thermal power plant and its underlying land in Rizal for P3.12 billion and a 20,975- square meter real estate property in Paco, Manila for P632.16 million.
In a separate statement, PSALM said it turned over to the National Power Corp. (NPC) a total of P4.31 billion to cover the payment of backwages and other benefits due to nearly 2,000 former employees who were retrenched in 2003 as part of mandates under the Electric Power Industry Reform Act.
PSALM said NPC started paying in February this year an estimated 1,958 claimants entitled to back wages and other benefits, in compliance with the Supreme Court ruling issued in 2017 and the 2019 decision by the Commission on Audit giving the go-signal for the settlement of the claims.
As of August 10, NPC has released P3.79 billion to the claimants. – Jed Macapagal
