The Power Sector Assets and Liabilities Management (PSALM) Corporation has officially transferred ownership of a 466-square-meter lot in Barangay Colon, Naga City, Cebu, to the local government following the execution of a Memorandum of Agreement (MOA) on January 9, 2025.
PSALM, in a statement said, the Naga City government completed payment of PHP8.76 million on March 7, 2025, paving the way for the development of the lot into an access road for the city’s upcoming seaport project.
All proceeds from the successful sale of any PSALM asset will be used to augment the funds needed for the settlement of the Corporation’s assumed financial obligations, the company added.
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