PSALM RAISES P 36.2M FROM SALE OF MINDANAO PLOTS

The Power Sector Assets and Liabilities Manage Corp. (PSALM) rang up P36.2 million from the privatization of several parcels of land in Mindanao.

These include a 10.6-hectare package of three lots located in

Manolo Fortich, Bukidnon province, which secured the best bid at P28.6 million compared to a floor price of P23.8 million.

The Bukidnon property can be developed into both residential and agricultural projects.

It is also an industrial lot suitable for power plant operations.

Therma Marine gave the best offer for a 1,595-square-meter lot in Maco, Davao de Oro City, at P3.2 million, as well a 3,395-sqm lot in Nasipit, Agusan del Norte ptovince, at P4.4 million—both near the floor prices.

The Davao de Oro property is in a coastal area with a small port, making it ideal for business ventures related to the fishing industry. The Nasipit property can be developed for industrial purposes.

According to PSALM, all the bid offers were above the minimum bid prices, which were based on the higher valuation out of the two external appraisal reports that were done on these assets.

“We are glad that the privatization activity was successful despite the pandemic,” PSALM president and chief executive Irene Besido-garcia said in a statement.

“And once remitted to PSALM, the proceeds will be used by us to pay the remaining financial obligations that we got from the National Power Corp.,” Besido-garcia said.

She said bidding results were subject to post qualification process to ensure that the winning bidders met all the financial and legal requirements as indicated in the asset sale provisions.