PSALM to borrow P20-B from govt in Q4

Jul 29, 2013 11:54 AM PHT

Rappler.com

SUMMARY

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State-owned Power Sector Assets and Liabilities Management Corp. (PSALM) has reduced its borrowing program for the year

MANILA, Philippines – State-owned Power Sector Assets and Liabilities Management Corp. (PSALM) has reduced its borrowing program for the year to roughly P20 billion from the previous P69 billion plan.

National Treasurer Rosalia de Leon told reporters this was due to the improved finances of the agency tasked to manage and handle the assets and liabilities of National Power Corp. (Napocor), the state-owned power company.

She said PSALM will borrow this from the national government in the last quarter of 2013.

In 2012, the government raised $500 million from the local debt market for PSALM’s funding and refinancing needs.

The government corporation has been trying to sell the remaining assets of Napocor. It already commenced the sale of Power Barges 101, 102, 103 and 104.

A pre-bid conference will follow on August 7 while the submission of bids for the 4 barges is on October 9. – Rappler.com