PSALM starts negotiated sale of P458-M property in Paco, Manila

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) will hold an online pre-negotiation conference on Thursday for the sale of its Paco, Manila property.

The minimum bid price of the property, located in Isla de Provisor, is set at P458 million. The decommissioned Manila Thermal Power Plant (MTPP) is located in the area, along Pasig River.

The negotiated sale for the Paco property is on an “as is, where is” basis. The pre-negotiation conference is part of the sale process that will allow for the orderly privatization of the agency’s assets.

The negotiated sale is open to all individuals/sole proprietorships, corporations, and partnerships that are registered and organized in the Philippines. In addition, they must be at least 60% Filipino-owned, and authorized by the law to acquire, own, hold, or develop real properties in the country.

Interested parties may submit their offer for the Paco, Manila property on or before Dec. 2, 2020.

In a separate announcement on Wednesday, PSALM announced that it held a pre-bid conference on Tuesday for the public sale of its Loboc, General Santos City and Camalaniugan properties.

During the pre-bid conference, bidders are allowed to ask questions about the terms of the sale.

Three bidders participated in the event. These are: Sta. Clara Power Corp., SPC Power Corp. and Cagayan Electric Cooperative II.

The minimum bid prices for PSALM’s Loboc, General Santos City, and Camalaniugan properties are P12.1 million, P10.97 million, and P3.22 million, respectively.

The bidding for the three properties is on a “cash” and “as-is, where-is” basis.

Earlier in October, PSALM announced that it was unable to sell its 650-megawatt (MW) Malaya Thermal Power Plant in Pililla, Rizal, despite halving its original price to P2.19 billion from P4.48 billion. This marked its third failed attempt to sell the asset.

By selling its assets through orderly means, the wholly owned government entity aims to liquidate all of the National Power Corp.’s financial obligations and stranded contract costs in an optimal manner, the company said. — Angelica Y. Yang