20 Aug 2018
The Power Sector Assets and Liabilities Management Corporation (PSALM) will rebid the Manila Thermal Power Plant (MTPP) Land as soon as the roadmap for the second round of bidding is finalized.
PSALM President and Chief Executive Officer, Irene Joy Besido-Garcia, made this statement after declaring the public auction a failure due to non-receipt of any bids on the deadline set at 12 noon of 15 August 2018.
Garcia said that PSALM will look into the reasons as to why the four bidders, who initially purchased bid documents, decided eventually not to participate in the bidding.
The MTPP Land has an approximate area of 20,975 square meters. Prior to the decommissioning of MTPP in 2000, it benefitted electricity users in the Luzon grid. The decommissioned MTPP was privatized in 2009, the proceeds of which, were utilized for the liquidation of maturing power sector debts. MTPP’s privatization paved the way for a complete clean-up of the Manila Thermal Land and prepared the site for disposal.
PSALM stressed that the property has a potential commercial value because of its proximity to Manila’s business district.
The proceeds from the sale of the underlying land will help augment PSALM’s funding sources for the management of its assumed liabilities.
Corporate Communications Division