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Friday, March 29, 2024

PSALM reduces debt to P393.3b

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State-run Power Sector Assets and Liabilities Management Corp. said Wednesday it reduced its financial obligations by 6.7 percent to P393.3 billion as of end-June from the January level.

“For this year alone, notwithstanding the pandemic, we have already reduced the financial obligations down to P393.3 billion. For the first half of 2020, we paid already P28.8 billion,” PSALM president Irene Garcia told senators during the agency’s virtual budget hearing.

PSALM manages the assets and liabilities of National Power Corp. as mandated by the Electric Power Industry Reform Act of 2001. Its financial obligations include debts, interest and other charges and independent power producer lease obligations.

The agency’s financial obligations peaked at P1.24 trillion in 2003. PSALM said it reduced its financial obligations by 68.3 percent or P847.3 billion from the 2003 level.

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