State-owned Power Sector Assets and Liabilities Management Corporation (PSALM) successfully sold last December 2 its real estate properties in Loboc, Bohol and Camalaniugan, Cagayan.
The Bohol property was sold to Sta. Clara Power Corporation (SCPC), while the Cagayan II Electric Cooperative (CAGELCO II) won the bid for the Cagayan property.
SCPC’s bid amounted to Php12.2 million, while CAGELCO II’s winning bid was pegged at Php3.22 million. The two power firms will still undergo the post-qualification process, though, before they can be finally declared as the new owners of the said properties.
The Loboc property consists of four lots situated in Barangays Gotozon and Bagumbayan, with an estimated total land area of 13,204 square meters. The sale is inclusive of structures and improvements in the area. Meanwhile, the Camalaniugan property consists of only one lot, with a total area of 2,148 square meters.
PSALM is mandated under Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) to use the revenues from successful sales of its land assets to settle the financial obligations assumed from the National Power Corporation.