The Power Sector Assets and Liabilities Management Corporation (PSALM) leased a portion of its Port Area property to the Philippine Coast Guard (PCG) in order to optimize the use of its remaining assets.
On an “as-is-where-is” basis, the contract of lease for the property was signed on 12 September 2018 in a simple ceremony between PSALM and PCG. The property, which is part of the assets transferred by the National Power Corporation to PSALM, is incurring maintenance costs. The lease contract is an exercise of PSALM’s fiscal prudence as it provides additional income to cover the expenses of maintaining the property.
Seeing the potential of the property with its strategic location to the maritime sector, PCG said that the lease is beneficial as it provides additional office space for its planned expansion.
In the photos:
PSALM President and CEO Atty. Irene Joy Besido-Garcia and PCG Commandant Adm. Elson E. Hermogino sign the Contract of Lease for Portion of PSALM’s Port Area Property
PSALM President and CEO Atty. Irene Joy Besido-Garcia (seated) and PCG Commandant Adm. Elson E. Hermogino (seated) are joined by PSALM and PCG officials during the Signing Ceremony.