The Power Sector Assets and Liabilities Management Corp. (PSALM) plans to rehabilitate the Agus-Pulangi Hydropower Plant Complex (APHPC) in Mindanao and privatize a property in Diliman, Quezon City following the successful sale of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant to the Aboitiz Group.
“The next PSALM plans are asset rehabilitation for Agus-Pulangi and privatization of the Diliman property,” PSALM president and chief executive Dennis dela Serna said.
“We target for feasibility studies to be approved in 2026. Implementation from 2027 onwards,” he said.
PSALM plans to start the bidding process for the APHC rehabilitation this year and begin the work in the second half of 2026.
The Department of Finance (DOF) announced in 2022 it was looking at an estimated P16.71 billion budget for the rehabilitation projects of the APHPC.
The APHPC includes the 260-megawatt (MW) Agus 1 and 2 hydro projects in Lanao del Sur, the 213-MW Agus 4 and 5 in Lanao del Norte, the 273-MW Agus 6 and 7 in Lanao del Norte and the 255-MW Pulangi 4 hydro project in Bukidnon.
The rehabilitation aims to ensure reliable power supply in Mindanao and accelerate the country’s shift to clean energy sources.
Meanwhile, PSALM received approval from the DOF in 2021 to develop the 5.195-hectare Diliman property in Quezon City. The property hosts the offices of the National Power Corp. and National Transmission Corp.
In December 2019, PSALM awarded a contract to Isla Lipana & Co. (PwC Philippines) to conduct a feasibility study for the development of the property. PSALM had also selected an architectural conceptual design from WTA Design Studio for the property.
The winning design, titled “The East Grid,” aims to develop the property into a mixed-use office development with wellness and commercial elements, as well as energy-efficient systems and sustainable design ideas.
PSALM, which manages the assets and liabilities of Napocor, reduced its financial obligations to P262.79 billion as of June 30, 2025. This went down by P977.81 billion from a peak of P1.240 trillion in 2003.
