PSALM president Dennis dela Serna said that because of this debt, there is a need to extend the life of the agency.
Senator Sherwin Gatchalian said in a hearing on Friday that PSALM woud be left with a debt of P113 billion even after its assets are privatized. “For me, if we have assets to privatize, then there is a reason to extend. Obviously the goal here is to extend so that we can square off, we can pay off all the debts with the remaining assets. But even with the remaining assets and the remaining collectibles, it seems like it’s not gonna, we will not have enough cash to pay off the remaining balance of the P315 billion,” Gatchalian said.
He said PSALM planned to bid out the 797.92-MW Caliraya-Botocan-Kalayaan hydropower plants by June or July next year.