State-run Power Sector Assets and Liabilities Management Corp. successfully sold early this week its real estate properties in Loboc, Bohol and Camalaniugan in Cagayan.
PSALM said in a statement Friday local developer Sta. Clara Power Corp. is the winning party for the Loboc property, while Cagayan II Electric Cooperative (CAGELCO II) bagged the Camalaniugan real estate deal.
SCPC’s financial bid for the Loboc property amounted to P12.2 million while CAGELCO II’s bid offer for the Camalaniugan property was P3.22 million.
“The two firms will still undergo the post-qualification process before they can be finally declared as the new owners of the said properties,” the company said.
PSALM, which is mandated by the Electric Power Industry Reform Act of 2001 to manage the assets and liabilities of Napocor, said it would use revenues from the successful sale of land assets to settle the financial obligations it assumed from Napocor.