State-run Power Sector Assets and Liabilities Management Corp. said Monday it brought down its financial obligations by 5.3 percent in the first quarter to P328. 37 billion from P346.76 billion in the fourth quarter of 2022.
PSALM president Dennis de la Serna said the agency’s debt stood at P265.14 billion, while its independent power producer lease obligations reached P63.23 billion in the first quarter. The figures went down from P275.069-billion debt and P71.7-billion lease obligations as of end-2022.
PSALM is mandated under the Electric Power Industry Reform Act of 2001 to manage the assets and liabilities of National Power Corp. These financial obligations include domestic and foreign borrowings; obligations under the independent power producer contracts; and other NPC debts transferred to and assumed by PSALM pursuant to the EPIRA.
“PSALM’s revenues were buoyed by efforts to sell power supply at reasonable returns and asset disposal using streamlined procedures. These revenue drivers were complemented by the efficient management of foreign exchange risks by contracting new loans in Philippine peso to refinance maturing foreign denominated loans and the robust collection of outstanding receivables that have remained unpaid to PSALM for the longest time as well as the measures implemented to cut on operational costs,” Dela Serna said earlier.