PSALM conducts pre-bid sessions for Cavite Mindanao, assets

THE Power Sector Assets and Liabilities Management Corp. (PSALM) said it conducted pre-bid sessions for assets in Mindanao and Cavite with the combined floor price set at P39.34 million.

The real estate assets were presented to potential bidders on July 21, PSALM said in a statement Thursday.

It is offering a 10,569 square meter (sq.m.) Agusan property in Bukidnon, a 1,595 sq.m. Maco site in Davao de Oro, and a 3,395 sq.m. Nasipit property in Agusan del Norte.

It is also selling two assets within the Puerto Azul Complex in Ternate, Cavite, with a combined gross area of 247.22 sq.m., to be sold separately.

“The bidding for the above-mentioned assets is on an ‘as-is, where-is’ basis, and upfront full payment is required,” the company said.

The auction will commence on Aug. 6.

In an earlier bid invitation, PSALM said it is selling 20,975 sq.m. property on Isla de Provisor along the Pasig River in Paco, Manila.

Comprising eight lots, the P513.44-million property was the former site of the Manila Thermal power plant. The auction is set for Sept. 10.

PSALM said the proceeds from the sale of its assets will be used to settle the financial obligations it inherited from the National Power Corp.

As of May, it has P404.28 billion in debt and obligations, which was down from P422.01 billion in January.

PSALM plans to further pay down debt using the P43-billion loan it sought from the Development Bank of the Philippines, which the Department of Finance signed off in May. — Adam J. Ang