ONE of the companies pressed by state-led Power Sector Assets and Liabilities Management Corp. (PSALM) in July last year to pay their arrears has settled its outstanding obligation with the government.

In its website, NPC Alliance Corp. said it had finally settled its P611.36 million outstanding obligation with the agency.

It said company officials had entered into a special payment agreement (SPA) with PSALM regarding its obligation and had paid or settled “most of the outstanding obligation in 2019.”

“The balance will be paid on time, with respect to the terms stated in the SPA,” it said, without giving a breakdown of how much was paid and the amount that has yet to be settled.

NPC Alliance did not state the exact date when the special payment agreement was completed.

Separately, a letter sent by PSALM to NPC Alliance placed the date of the agreement on Oct. 22, 2019 and the payment to the agency on Oct. 23, 2019.

In July last year, the Department of Finance had given 14 companies a deadline of 10 days to pay their overdue obligations amounting to a combined P1.932 billion or face legal actions.

The department said PSALM had sent final letters of demand to the entities, which include a state university, a hotel and electric cooperative. They are mostly based in the provinces.

Finance Secretary Carlos G. Dominguez III, who chairs PSALM’s board of directors, and Energy Secretary Alfonso G. Cusi, who is ex-officio board member, were furnished copies of the letters. — VVS