San Miguel calls out PSALM over alleged unpaid obligations

San Miguel Corp. (SMC) said state agency Power Sector Assets and Liabilities Management Corp. (PSALM) had gained $631 million from the $5.28 billion paid by the diversified company’s subsidiary as of June 2018.
“Again, it’s very clear. We are religiously honoring our contractual obligation to PSALM. In fact, they are already making billions out of the agreement. We are hoping PSALM will refrain from releasing questionable data that put us in a bad light. We want nothing more than for the pending cases to be quickly resolved. In the meantime, we wait and let the courts decide,” SMC president and COO Ramon S. Ang, SMC president and chief operating officer, told reporters on Thursday.
The company made the statement on reports that it still owes PSALM about P20 billion covering a period starting in 2013. — Victor V. Saulon