Power Sector Assets and Liabilities Management Corp. (PSALM) will rebid a thermal power plant in Manila that it valued at around P886 million after the agency failed to receive any bids after the deadline it set last week.
In a statement, PSALM President and Chief Executive Officer said her office would look into the reasons as to why the four bidders, who initially purchased bid documents, decided not to participate in the bidding.
She declaired the public auction as a failure due to the non-receipt of any bids on the deadline set at 12:00 noon of Aug. 15, 2018.
The proceeds from the sale of the underlying land will help augment PSALM’s funding sources for the management of its assumed liabilities.
PSALM said the property has a potential commercial value because of its proximity to Manila’s business district. — Victor V. Saulon