State-run Power Sector Assets and Liabilities Management Corp. plans to start the new round of bidding on the 650-megawatt Malaya power plant and its underlying land in Pililla, Rizal by the end of next week.
“The plan of PSALM is to initiate another round of public bidding hopefully by the end of next week. To make this public bidding attractive to bidders, we need to find an acceptable way of reducing the minimum bid price,” PSALM president Irene Garcia said.
Garcia said PSALM was still waiting for comments from the Commission on Audit on lowering the minimum bid price through a COA-approved discounting procedure.
“PSALM wrote to COA to request for approval of a discounting mechanism that will allow PSALM to lower the said minimum bid price of the Malaya Power Plant,” she said.
“Hopefully, we will get a response from COA sometime in January 2020. We will also continue to dispose of real property assets,” Garcia said earlier.