PEZA to survey Psalm properties

THE Philippine Economic Zone Authority (PEZA) has started studying the Power Sector Assets and Liabilities Management Corp.’s (Psalm) real-estate assets in a move to further push the development of such zones in the country, the state-owned company said on Tuesday.

In a statement, Psalm said Peza is assessing its properties for possible conversion into economic zones.

Its nine assets in Metro Manila, Pampanga, and Bataan are already covered for further assessment, it added.

A joint technical working group has been created to begin evaluating the properties’ suitability for conversion.

Institutional arrangements would be made after due dilligence is conducted.

“Converting some of Psalm’s real-estate assets into economic zones is an important privatization undertaking,” the company said.

Leasing out its properties will provide Psalm a chance to generate sustainable revenue for the government, it added.

This came more than two months after Psalm and PEZA signed an agreement enhancing their partnership in utilizing the former’s assets.

“A two-pronged purpose is expected to be achieved from this business option,” Psalmsaid.

The deal would enable PSALM to generate income streams, from which it could pay off its assumed financial obligations, of which a total of P73.3 billion were settled last year.

It would also allow the company to achieve its goal of contributing to local and national development.

“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.