The Senate approved on the third and final reading Senate Bill No. 2837 or the bill extending the corporate term of the Power Sector Asset Liabilities Management (PSALM) Corporation.
The bill was aimed to amend section 50 of Republic Act No. 9136, otherwise known as the Electric Power Industry Reform (EPIRA) Act of 2001 which created the PSALM Corporation.
Through the EPIRA, PSALM was entrusted to formulate and implement a privatization plan for the government’s energy assets previously held by the National Power Corporation. They were also mandated to manage the orderly sale, disposition, and privatization of these assets with the objective of liquidating all NPC financial obligations and stranded contract costs.
Under the approved bill, the PSALM Corporation shall continue to exist for a period of five more years from the expiration of its original term on June 26, 2026.
“Through this bill, we will provide PSALM five more years to give them sufficient time to settle existing obligations.”
“Mr. President, through this bill, we will provide PSALM five more years to give them sufficient time to settle existing obligations,” Senator Mark Villar said.
The bill’s sponsor and principal author expressed his gratitude for the chamber’s support on the bill’s passing.
“This will also enable PSALM to commence asset and management plans for several significant Independent Power Producer (IPP) facilities and real estate assets.”
“This will also enable PSALM to commence asset and management plans for several significant Independent Power Producer (IPP) facilities and real estate assets,” Villar added.
“I would like to extend my gratitude to our colleagues who helped craft this bill– Deputy Majority Leader Senator JV Ejercito, Senator Raffy Tulfo, and Senator Pia Cayetano. I would also like to thank our Minority Leader Senator Koko Pimentel and Senator Win Gatchalian, for sharing their wealth of wisdom in further enhancing this bill. Thank you very much to this august chamber for allowing PSALM to continue its mandate as enshrined in the EPIRA,” the legislator said in his manifestation.
