State-run Power Sector Assets and Liabilities Management Corp. said Friday it concluded the sale of parcels of land underlying the Bauang Diesel Power Plant to the provincial government of La Union.
PSALM sad it officially transferred ownership of the asset consisting of 92 lots to the La Union provincial government through the signing of the deed of transfer on August 14.
The province acquired the property for P524.2 million through a government-to-government transaction following PSALM’s policies on transfer of real estate assets.
“This undertaking is a mutually beneficial activity for PSALM and the Provincial Government of La Union. On the part of the Provincial Government, it will be able to now pursue their provincial development goals and plans relative to this valuable piece of property,” said PSALM president and chief executive officer Irene Joy Garcia.
“For PSALM, the sale of the property will help us raise much needed revenues to settle our financial obligations assumed from the National Power Corporation,” she added.
The Bauang Property, located in Payopoc Sur, Bauang, La Union, has an aggregate area of 261,349.32 square meters.
PSALM, tasked to manage the assets and liabilities of National Power Corp., is aggressively pursuing the privatization of real estate properties starting this year.
The agency earlier announced that it was privatizing two real property assets with a combined minimum bid price of P739 million to raise revenues for the government.
PSALM initiated the privatization of land assets in Barangay Aplaya, Jasaan, Misamis Oriental and in Toledo City, Cebu.
The land asset in Aplaya, Misamis Oriental consists of 49 lots with a total area of about 155,504 square meters. The land asset in Toledo City, Cebu consists of 21 lots with a total area of about 129,589.00 square meters.
PSALM set the minimum bid prices at P567,626,950 for the Misamis Oriental property and P171,473,500 for the Toledo property.
The land assets used to be the location of the dismantled Aplaya Diesel Power Plant and the Cebu Diesel Power Plant. Alena Mae S. Flores