PSALM says principal debt reaches P417.9b

The principal financial obligations of state-run Power Sector Assets and Liabilities Management Corp. has reached P417.88 billion as of end February this year.

PSALM president Irene Joy Garcia said the amount consisted of P273.32 billion in debts and P144.56 billion in lease obligations.

“Please be assured that despite all the challenges created by the COVID-19 situation and the enhanced community quarantine, PSALM is still able to remit payments not only for the principal financial obligations, but also for the interests, the borrowing costs as well as all other payables of PSALM,” Garcia said.

Garcia earlier said among PSALM’s goals this year was the liquidation of maturing financial obligations amounting to P11.943 billion.

PSALM earlier announced it cut its principal financial obligations to P422.011 billion in 2019, down 6 percent from P449.19 billion in 2018.

Topics: Power Sector Assets and Liabilities Management Corp. , PSALM , coronavirus disease 2019 , COVID-19
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