THE SENATE approved on third and final reading on Monday a bill extending the corporate life of the Power Sector Assets and Liabilities Management Corp. (PSALM) for five years, ahead of its original expiration date of June 2026.
In a 20-0-0 vote, the chamber passed Senate Bill No. 2837, which would allow PSALM to continue managing the government’s energy assets.
The five years “provide PSALM sufficient time to settle existing obligations,” Senator Mark A. Villar, who sponsored the measure, said after the bill’s approval.
“This will also enable PSALM to commence asset and management plans for several significant independent power producer facilities and real estate assets.”
PSALM was created under the Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001, to lead the privatization of generation and transmission assets of the National Power Corp. and the National Transmission Corp.
Its corporate life was originally due to expire in June 2026. Should PSALM be dissolved, all of its assets and liabilities revert to the National Government.
Assets held by PSALM include the 796.64-megawatt Caliraya-Botocan-Kalayaan hydroelectric power plant complex in Laguna.
Finance Secretary Ralph G. Recto in March 2024 backed the measure, saying PSALM still has many debts and assets that need to be disposed of. — John Victor D. Ordoñez