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PSALM bids out MTPP property in Manila

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THE Power Sector Assets and Liabilities Management Corp. (PSALM) is once again bidding out the property of Manila Thermal Power Plant (MTPP) located along the Pasig River in Isla de Provisor, Paco Manila.

“Under the COA and DBM Disposal Guidelines & the PSALM Policies, the Disposal Committee may dispose a property through a process of Negotiation in cases of failure of second bidding. Thus, PSALM referred the matter to its Board of Directors, and PSALM’s Board resolved to approve the disposal of the MTPP Land thru Negotiated Sale Process on 03 December 2018,” Irene Joy B. Garcia, president and chief executive officer of PSALM explained in a text message to BusinessWorld.

In a statement on Jan. 11, the firm said the minimum offer price of the 20,975-square meter land is at P736.368 million. This property was previously a power plant that was the source of electricity for Luzon grid consumers until 2009. The said property was already bid out two times last year and was previously valued at P886 million, but these auctions failed because no bids were submitted.

“The sale of the Manila Thermal Power Plant’s Land underwent first round of bidding on 15 August 2018 which failed due to the non-submission of bids from any interested bidders. The second round of bidding was later scheduled on 23 November 2018. Said bidding likewise failed because no bidder purchased the bid documents,” Ms. Garcia noted.




Expressions of interest and acceptance of the negotiation procedures need to be submitted to the PSALM Privatization, Bids and Awards Committee from Jan. 10-23.

Deadline of submission of offers is on Jan. 31, 12 p.m. at the PSALM Office, 24th Floor Vertis North Corporate Center 1, North Avenue, Quezon City. — VMPG