The Power Sector Assets and Liabilities Management Corp. (PSALM) is looking to convert its real estate assets into ecozones.
The state-run firm will be conducting a sustainability study through the Philippine Economic Zone Authority (PEZA) to determine the viability of converting the real estate assets into economic sites.
The two firms have formed a joint technical group to kickstart the profiling project and sustainability assessment.
Areas to be assessed include nine sites located in Metro Manila, Pampanga, and Bataan.
Converting PSALM’s real estate assets into economic zones will provide a long-term opportunity to generate sustainable revenue while the government remains the property owner.
The conversion will be able to generate income streams that will augment its fund sources to pay-off its assumed financial obligations.
“Aligned with PEZA’s mandate, PSALM’s move to convert its land assets into ecozones will help augment job opportunities and stimulate economic activities, thereby, providing more income for Filipinos,” PSALM said.
The said study follows the memorandum of understanding (MoU) which PSALM and PESA entered in December 2017 to consummate the newly formed joint undertaking.
It looks to enhance collaboration towards utilization of PSALM’s idle real estate assets. Institutional arrangements will be determined following the results of the study.