I. Good Governance
- Transparency Seal
- About PSALM
- Mandate | Vision | Mission
- List of Officials
- Board of Directors
- PSALM Management Team
- Annual Reports
- Audited Financial Statements
- Management-Certified Financial Statements
- Audited Financial Statements
- Corporate Accomplishment Report
- Audited Financial Statements
- Corporate Accomplishment Report
- Audited Financial Statements
- Corporate Accomplishment Report
- Audited Financial Statements
- Corporate Accomplishment Report
- DBM Approved Budget and Targets
- Budget 2018
- Targets for 2017
- Budget 2017
- Targets for 2016
- Budget 2016
- Targets (2016 GCG-Approved Scorecard)
National Budget Circular 542, issued by the Department of Budget and Management on August 29, 2012, reiterates compliance with Section 93 of the General Appropriations Act of FY2012. Section 93 is the Transparency Seal provision, to wit:
Sec. 93. Transparency Seal.
To enhance transparency and enforce accountability, all national government agencies shall maintain a transparency seal on their official websites. The transparency seal shall contain the following information:
- the agency's mandates and functions, names of its officials with their position and designation, and contact information;
- annual reports, as required under National Budget Circular Nos. 507 and 507-A dated January 31, 2007 and June 12, 2007, respectively, for the last three (3) years;
- their respective approved budgets and corresponding targets immediately upon approval of this Act;
- major programs and projects categorized in accordance with the five key results areas under E.O. No. 43, s. 2011;
- the program/projects beneficiaries as identified in the applicable special provisions;
- status of implementation and program/project evaluation and/or assessment reports; and
- annual procurement plan, contracts awarded and the name of contractors/suppliers/consultants.
The respective heads of the agencies shall be responsible for ensuring compliance with this section.
A Transparency Seal, prominently displayed on the main page of the website of a particular government agency, is a certificate that it has complied with the requirements of Section 93. This Seal links to a page within the agency's website which contains an index of downloadable items of each of the above-mentioned documents.
A pearl buried inside a tightly-shut shell is practically worthless. Government information is a pearl, meant to be shared with the public in order to maximize its inherent value.
The Transparency Seal, depicted by a pearl shining out of an open shell, is a symbol of a policy shift towards openness in access to government information. On the one hand, it hopes to inspire Filipinos in the civil service to be more open to citizen engagement; on the other, to invite the Filipino citizenry to exercise their right to participate in governance.
This initiative is envisioned as a step in the right direction towards solidifying the position of the Philippines as the Pearl of the Orient -- a shining example for democratic virtue in the region.
"A debt-free PSALM towards a competitive electric power industry through strategic asset privatization and financial management."
- Ensure the orderly privatization of PSALM's power and other disposable assets
- Optimally liquidate PSALM's financial obligations
- Efficiently administer the Universal Charge
The principal purpose of PSALM is to manage the orderly sale, disposition, and privatization of NPC generation assets, real estate and other disposable assets, and IPP contracts with the objective of liquidating all NPC financial obligations and stranded contract costs in an optimal manner.
Finance Secretary Carlos “Sonny” Dominguez has over 40 years of experience managing various organizations in the public and private sectors. He was a shareholder, and board chairman or member of over a dozen corporations across various industries such as power, agriculture, mining, banking, hospitality, real estate, and investment.
A flexible civil servant, Sec. Sonny served as the Cabinet Secretary of the Environment and Natural Resources and Agriculture during the Presidency of Corazon Aquino. He also occupied a range of senior roles in the private sector and was the president of leading Philippine corporations such as the Philippine Airlines and the Philippine Associate Smelting and Refining Corporation, and the former Bank of the Philippine Islands Agricultural Bank.
Sec. Sonny has a Master’s Degree in Business Administration from Ateneo De Manila University and attended the Executive Management Program at Stanford University.
Energy Secretary Alfonso G. Cusi has more than four decades of leadership experience in both the private and public sectors. As a leader in the Philippine business sector, Cusi was engaged in the logistics and transportation industries where he founded and served as Chairman and President of various distribution, crewing, maritime engineering companies as well as convenience stores.
When he was Chairman of Starlite Ferries, Inc., he led the Batangas-based shipping on its modernization program with its acquisition of brand-new roll-on, roll-off (ro-ro) commercial vessels custom-built in Japan.
Recognized as a good corporate steward, he also served as Board Member of the mining firm Intex Resources Philippines, Inc., a subsidiary of the Norway-based Intex Resources ASA.
Sec. Cusi started his career in government service during the Arroyo administration, serving as General Manager of the Philippine Ports Authority (PPA) from February 2001 to July 2004. He was instrumental in the launch of the h2 Republic Nautical Highway that linked Luzon, Mindoro, Panay and Zamboanga del Norte in the country's western seaboard.
As General Manager of the Manila International Airport Authority (MIAA) from August 2004 to March 2010, he initiated the opening of the mothballed NAIA Terminal 3 in 2008.
Appointed as Director-General of the Civil Aviation Authority of the Philippines from March to December 2010, Sec. Cusi laid the groundwork for the restoration of the Category 1 status of the Philippine aviation industry.
Sec. Cusi hails from Roxas town in Oriental Mindoro and from Cebu City. He earned his Bachelor of Science degree in 1972 from La Salle College in Bacolod, his Master of Business Administration (MBA) degree in 1976 from the University of the Philippines-Cebu, and his Doctorate in Business, honoris causa, in 2008 from the Polytechnic University of the Philippines.
He was the Vice-Chairman of PDP-Laban prior to his appointment as member of the Cabinet of President Rodrigo Duterte.
Budget and Management Secretary Benjamin E. Diokno has been tapped by present and past administrations in various capacities within his field of specialization, providing policy advice and conducting research on public economics, fiscal relations, public and expenditure management. He is also a stalwart advocate of economic development with focus on ASEAN transitional economies.
Immediate positions he held in the past include a senior advisory position at the International Tax and Investment Center (ITIC). He also spent a considerable stint in the academe as a professorial lecturer at the University of the Philippines School of Economics. While serving as Chairman of the Board of Regents of the Pamantasan ng Lungsod ng Maynila, he concurrently held the Chairmanship of the Board of Trustees at the Ospital ng Maynila Medical Center and the post of Independent Director for Asia United Bank. Back in the early nineties, he was appointed to chairmanships of the boards of several government-owned corporations such as the Philippine National Oil Company and the Local Water Utilities Administration.M
Sec. Diokno is a recipient of accolades reflective of his scholarly works, commitment to socio-economic development in the country and remarkable civic engagements. In 2014, he received the Most Outstanding Citizen Award from the local government of Quezon City. Back in 1998, he was awarded the Visiting Professorship in International and ASEAN Studies by the University of Toronto but eventually had to give up the offer in order to serve as Secretary of Budget and Management. In the same year, Sec. Diokno’s paper “Exchange Rate Policy: Recent Failures and Future Tasks” was given the Outstanding Scientific Paper Award by the National Academy of Science and Technology together with the works of the country’s top economists like Raul Fabella and Felipe Medalla.
Before assuming DBM’s top post, Sec. Diokno was sought by foreign governments and multinational organizations to advise them as they embarked on high-profile development projects. He was Cambodia’s International Fiscal Decentralization Adviser for the country’s Public Financial Management Reform Program from 2010 to 2012. For the whole year of 2007, he worked for the government of Mongolia as its Advisor for Public Expenditure Management on a World-Bank sponsored project. From May 2005 to February 2006, he was assigned chief economist for the Agricultural Taxation Reform Project of the People’s Republic of China.
Sec. Diokno earned his PhD in Economics from Syracuse University in New York in 1981 and five years before that, an MA in Political Economy from Johns Hopkins University in Maryland. He obtained his BA in Public Administration (1968), Master of Public Administration (1970) and MA in Economics (1974) from the University of the Philippines Diliman.
Socioeconomic Planning Secretary and NEDA Director-General Ernesto M. Pernia has close to 18 years’ experience at the Asian Development Bank (ADB), starting as Economist, rising to Senior Economist, Principal Economist, and then Lead Economist.
He developed and directed projects in various Asian countries on investment climate and productivity, economic growth and poverty reduction, education and health, human resource development, and regional economic cooperation. In 1996, he led staff and a dozen consultants that produced the seven-volume study “East ASEAN Growth Area: Brunei Darussalam, Indonesia, Malaysia, Philippines” which provided the roadmap for the implementation of the landmark regional cooperation undertakings. Besides Asia, he represented ADB at various international development conferences in North and Latin America, Europe and Africa.
Concurrently, he is also a Professor Emeritus at the University of the Philippines School of Economics.
For several years, Sec. Pernia was granted several trusteeships from eminent institutions in the country. From 2011 to 2014, he chaired the Board of Trustees of the University of San Carlos. He was director of the board of the Philippine-American Academy of Science and Engineering from 2008 to 2013. At present, he sits on the boards of Holy Name University in Tagbilaran City, Philippine-Russian Business Assembly and a number of NGOs, such as the Philippine Center for Population and Development, which are involved in promoting quality education and health, science and technology, poverty reduction, improved governance, and population and development.
During his days in the academe, Sec. Pernia served as Director for Research and was a Visiting Research Fellow at the East-West Center Resource Systems Institute in Hawaii. In tandem with the International Labour Organization, he did consultancy work for population and employment policies for the Asia-Pacific region. Other international organizations like the World Bank and United Nations also consulted him in various projects.
Sec. Pernia is a celebrated author of economics, having published books and articles about the field in international professional journals. In February 2015, he was chosen by the Philippine-American Academy of Science and Engineering (PAASE) for Science Award. In March 2011, he received the prestigious Achievement Award for Social Sciences from the National Research Council of the Philippines of the Department of Science and Technology (DOST). In 2009, he was given the Outstanding Boholano Around the World Award for exemplary practice in the field of economics.
Sec. Pernia obtained his PhD from the University of California Berkeley on a Ford Foundation scholarship and a Smithsonian Institution dissertation grant. He was granted the Balik Scientist award by the DOST. He received the first award as Outstanding Young Scientist for economics and social sciences from the National Academy of Science and Technology.
He ranks 7th among 250 scientists in the Philippines according to Google Scholar Citations public profiles.
Prior to his appointment, Justice Secretary Menardo Guevarra served as the Senior Deputy Executive Secretary of President Rodrigo Duterte. He first joined government service as staff economist at the National Economic and Development Authority and the Bangko Sentral ng Pilipinas.
Secretary Guevarra took up graduate studies in Economics at the University of the Philippines, after obtaining his A.B. degree, Major in Political Science, from Ateneo de Manila University in 1974. He graduated from Ateneo Law School and placed second in the 1985 Bar examinations.
As a lawyer, he worked with the technical staff of the 1986 Constitutional Commission. In 1990, Secretary Guevarra set up his own law partnership and was in active private law practice until April 2015. He was also a faculty member of the Ateneo School of Law.
Given his expertise in the various fields of law, Secretary Guevarra went back to government as Member of the 2010 Philippine Truth Commission, Deputy Executive Secretary for Legal Affairs at the Office of the President in May 2015, and Commissioner of the Philippine Competition Commission in February 2016.
Trade and Industry Secretary Ramon M. Lopez launched his career in the field of economics, trade and industry development back in 1981 when he joined as member of the Presidential Management Staff. Retaining the flexibility to serve in the government, this was followed by his stint in the Department of Trade and Industry from 1982 to 1989. In the same year, he transferred to NEDA and served the economic planning arm of the government holding a key position until 1993.
His acumen in trade and industry development planning brought him to the forefront of the Tariff Reform Program. He also set up various ASEAN and APEC cooperation programs, technical studies on countervailing duty cases, critical consumer products’ price structures and the development of the Foreign Investment Act.
These stints in consultancy and program development were followed by a thriving career in the business sector from 1994 to 2016, adding more than 22 years in his business leadership portfolio. He held the position of top executive of RFM Corporation where he led core operations such as strategic planning and business development, marketing, mergers and acquisitions and equity investment.
Concurrent with his DTI appointment, he is the Executive Director of the advocacy group Go Negosyo. For the past 11 years (October 2005- June 2016), he has been initiating and implementing all its programs aimed at empowering the youth and aspiring entrepreneurs, small-scale entrepreneurs, and underprivileged sectors such as the PWDs and out-of-school youths. For the past three years, he has been co-hosting the weekly Go Negosyo radio program and on the side, giving lectures and mentoring thousands of aspiring entrepreneurs through Go Negosyo’s seminars, workshops, summits, books and social media presence.
With his extensive experience in various government agencies, private sector and non-government organizations, Sec. Lopez has gained the admiration and respect of the business, financial and investor communities in the Philippines and abroad.
Sec. Lopez earned his Master in Development Economics (MDE) at Williams College in Massachusetts, USA in 1988 and his AB in Economics at the University of the Philippines Diliman in 1981.
Atty. Irene Joy Besido-Garcia is a luminary in corporate law with vast exposure in complex commercial cases, securities transactions, due diligence examinations, franchising, joint ventures and special corporate projects. In the area of litigation, she has extensive experience in handling family law cases, estate disputes, probate cases, election contests, labor issues, taxation matters and civil cases. She served as a member of the Board of Directors of the International Lawyers Network, an association of legal experts with presence in 66 countries.
Prior to her appointment in PSALM as its seventh chief executive, Atty. Garcia worked in a full-service law firm for more than 19 years with her legal expertise ranging from litigation to corporate law. She was a Senior Partner at the Kapunan Garcia and Castillo Law Offices from years 2006 to 2017 and served as the Managing Partner from years 2011 to 2014, taking charge of administrative and operational concerns of the firm.
Atty. Garcia assumed the dual office of Director and President and Chief Executive Officer of the Power Sector Assets and Liabilities Management Corporation (PSALM) upon the signing by President Rodrigo R. Duterte of her appointment paper and subsequent Special Board Meeting of the PSALM Board of Directors on 25 May 2018.
Atty. Garcia obtained both her BA Communication Research, cum laude (1994) and Bachelor of Laws (1998) from the University of the Philippines, Diliman. She passed the 1998 Bar exams.
IRENE JOY BESIDO-GARCIA
- President and Chief Executive Officer
- Phone: (02) 902-9001
- Fax: (02) 739-52-79
- Email: firstname.lastname@example.org
Before her new appointment as the seventh chief executive in PSALM, Atty. Garcia has worked in a full-service law firm for more than 19 years with her legal expertise ranging from litigation to corporate law.
She was the Senior Partner of the Kapunan Garcia and Castillo Law Offices from years 2014 to 2017 and Managing Partner from years 2011 to 2014 in the same firm. In this capacity, she took charge of administrative, financial and operational concerns of the firm.
Atty. Garcia is a luminary in corporate law with numerous complex commercial cases, securities transactions, due diligence examinations, franchising, joint ventures and special corporate projects marking her illustrious legal career.
Among the many companies she represented in different capacities include the Philippine Communication Satellite Corporation, Philippine Overseas Telecommunications Corporation and ZOE Broadcasting Network. In the field of litigation, she has been handling estate cases, probate cases, election contests and civil cases up to this day.
Atty. Irene Joy Besido Garcia obtained both her BA Communication Research, cum laude (1994) and Bachelor of Laws (1998) from the University of the Philippines Diliman. She passed the bar in 1998.
ARNOLD C. FRANCISCO
- Vice President, Asset Management Group
Mr. Arnold C. Francisco has an extensive career in the electric power industry. He worked in the National Power Corporation (NPC) since 1989 until he became Principal Engineer several years later.
For 11 years, he assumed multiple roles related to NPC’s contract negotiation and administration on natural gas pipeline facilities, project management, treasury management and loan sourcing. Mr. Francisco also designed and recommended financial strategies to minimize forex risks and improve cash flow for NPC.
He transferred to PSALM in 2003, a time when the restructuring program for the power industry took off. As time would tell, his career grew well in the Corporation. In 2004, he became the Manager of the Electricity Trading Department (ETD). After serving the unit for six years, he was transferred to the IPP/IPPA Contracts Administration Department (IPP/IPPA CAD) as Corporate Staff Officer in 2010 until 2012. He ascended to the position of Manager in the same department two years later. In 2016, he was appointed as Vice-President for the Asset Management Group (AMG).
Mr. Francisco’s expertise has contributed largely to the achievement of PSALM’s twin mandate of asset privatization and liability management. His wide-ranging experience in financial management, contract implementation, privatization schemes and framework, and electricity trading has resulted in the attainment of the corporation’s objectives.
A licensed Civil Engineer, Mr. Francisco finished his bachelor’s degree at Baliuag University and his master’s degree in Business Administration from the same institution.
LOURDES S. ALZONA
- Vice President, Finance
- Email: email@example.com
Ms. Lourdes S. Alzona, a financial management executive in the electric power industry, has been in the public service for 35 years. Ms. Alzona’s career in the power industry began with her stint at the National Power Corporation (NPC), which was then tasked with the management, operation, development, construction and rehabilitation of the government’s power and transmission assets. For more than 20 years, she has assumed various executive positions and capacities at NPC, being at the helm of units handling budget, treasury, controllership, financial analysis and management accounting.
Ms. Alzona also served as Board Chair of the NPC Employees Multipurpose Cooperative for three (3) consecutive terms from 1998 to 2002, under which, the Cooperative achieved full compliance to the bylaws of the Cooperative Development Authority.
Ms. Alzona entered PSALM as a Consultant in 2003 prior to her appointment as manager of the Energy Market Settlement Department. She became the manager of the Controllership Department in 2004, the year when said Department received the Most Outstanding Accounting Office Award for the Government Corporate Sector from the Association of Government Accountants of the Philippines. In July 2008, she joined the Management team as Vice President for Finance.
Ms. Alzona has contributed largely to the achievement of PSALM’s twin mandate of power asset privatization and liability management. Moreover, Ms. Alzona’s extensive experience on public financial management has resulted to good corporate governance and fiscal discipline in PSALM operations through strategic allocation of resources.
A Certified Public Accountant, Ms. Alzona holds a bachelor’s degree in Business Administration from the Philippine Women’s University and a master’s degree in Business Administration from the International Academy of Management and Economics.
MANUEL MARCOS M. VILLALON II
- Officer-in-Charge, Finance
- Phone: (02) 902 9000 local 9006
- Email: firstname.lastname@example.org
Mr. Manuel Marcos M. Villalon II joined PSALM in 2004 as a consultant to the PSALM Finance Group and became the manager of the Loans Administration Division the following year. He became the manager of the Treasury Department some years later. Prior to his appointment as Officer-in-Charge of Finance, he was the acting manager of the Liability Management Department. In his first few years in PSALM, he was heavily involved in the PhP 200 billion debt absorption by the national government, valuation of power plants up which were up for sale, and obtaining creditors’ consent – especially from the World Bank, Asian Development Bank and Japan Bank for International Cooperation – for the privatization of NPC generation and transmission assets. His stint in PSALM also includes contracts management, policy research, and procurement.
Prior to joining the government service, he worked in the non-government sector promoting youth development and managing social projects benefitting the underprivileged focusing on health, nutrition, agricultural and technical education with the assistance of local and foreign volunteers. His stint in the NGO sector involved project/program development and management, fund raising, budgeting, cash management, and maintaining good relations with local and foreign donors. His other work experiences include journalism, advertising, marketing, investment promotion, and business-economic research.
Mr. Villalon is a Certified Treasury Professional. He obtained his Economics degree from the Ateneo de Manila University and Master in Public Administration, major in Public Policy and Program Administration, from the University of the Philippines National College of Public Administration and Governance. He volunteers his free time in giving Math tutorials to public elementary school pupils.
GEOFFREY D. MASANCAY
- Officer-in-Charge, General Counsel
HELENA C. TOLENTINO
- Vice President, Corporate Social Responsibility
- Phone: (02) 902 9000 local 9048
- Email: email@example.com
Atty. Helena C. Tolentino is the Vice President for Corporate Social Responsibility (CSR). Prior to the position, she served as Vice President for Contract Management and Corporate Services (CMCS) from 2006 to 2010. She was initially assigned as Chief of Staff to then PSALM President Nieves L. Osorio when she joined the PSALM family in 2006, a position carried over to the term of the next PSALM President.
Atty. Tolentino earned both her BA in English and Comparative Literature and Bachelor of Laws from the University of the Philippines Diliman. After her admission to the bar in 1992, she started her legal career as a legislative officer at the Senate of the Philippines. She joined the energy family in 1994 as counsel to the Philippine National Oil Company (PNOC). She then took advanced courses at Harvard University in Cambridge, Massachusetts under the Program for the Instruction of Lawyers. She thereafter spent a major part of her career as legal counsel to Filinvest Land, Inc. before returning to government service.
A certified Career Executive Service Officer (CESO), Atty. Tolentino has a wide range of trainings, although it is her experience in government contracts, procurement and governance as well as PublicPrivate Partnerships that has been tapped by various multilateral agencies.