Alternative Investment Report

PSALM sells properties in Bohol, Cagayan

Power Sector Assets and Liabilities Management Corporation (PSALM) on Friday said it sold real estate assets in Bohol and Cagayan provinces to two power entities through a public bidding.

In a statement, PSALM said Sta. Clara Power Corporation (SCPC) was the winning bidder for the Loboc property after making an offer of P12.2 million. The Loboc property consists of four lots with an estimated total land area of 13,204 square meters (sq.m.) in Brgys. Gotozon and Bagumbay, Bohol.

Cagayan II Electric Cooperative (CAGELCO II) was awarded the 2,148 sq.m.-Camalaniugan property, with its bid of P3.22 million.

PSALM said SCPC and CAGELCO II “still needed to undergo the post-qualification process, before they can be finally declared as the new owners of the said properties.”

Because it had only received one bid for each of the assets, PSALM said that it was initially constrained to declare a failure of the public bidding and start the negotiated process of privatization.

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“Consequently, the negotiation process with the lone bidder was immediately followed in accordance with Schedule 8 – Negotiation Procedure of the Bidding Procedures. The process led to the successful privatization of the Loboc property and the Camalaniugan property,” PSALM said.

PSALM will use the proceeds from the successful sale to settle its financial obligations assumed from the National Power Corporation (Napocor). — Angelica Y. Yang

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