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PSALM ready to sue delinquent companies

Power Sector Assets and Liabilities Management Corp., whose board of directors is chaired by Finance Secretary Carlos Dominguez III, said companies with arrears with the agency will be charged in court if they fail to settle their long-overdue obligations amounting to P1.931 billion.

PSALM said in a statement Tuesday it sent out final letters of demand for payment to 14 companies.

The letters sent by PSALM president and chief executive Irene Besido Garcia and vice president for finance Lourdes Alzona gave the firms 10 days from to pay their arrears.

Garcia said PSALM would be constrained to take legal steps against any of the companies that failed to heed the final demand and pay their overdue obligations.

The NPC Alliance Corp., a polyethylene plant located at the PAFC Industrial Park in Mariveles, Bataan, has the largest sum of arrears amounting to P611.36 million covering over 10-year period.

Topics: Power Sector Assets and Liabilities Management Corp. , PSALM , Finance Secretary Carlos Dominguez III
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