The Power Sector Assets and Liabilities Management Corporation (PSALM) is set to rebid three real estate assets located in the provinces.
In a statement on Tuesday, PSALM said it will commence with the second round of bidding its assets in Barangay Aplaya, Jasaan, Misamis Oriental; Toledo City, Cebu; and Laoag City, Ilocos Norte.
This after a failed bidding held on 5 September where only one bidder submitted its offer for Aplaya and Cebu, while no offer was received for Laoag City.
The land asset in Aplaya consists of 49 lots with a total area of about 155,504 square meters (sqm), while the land asset in Toledo City, Cebu consists of 21 lots with a total area of about 129,589 sqm. and the asset in Laoag City has a total area of about 3,530 sqm.
“PSALM is committed to privatize these land assets within 2019 but it is also important that the adjusted bidding timetable expediting the second round of bidding is in line with applicable laws,” PSALM president and Chief Executive Officer Irene Joy Besido-Garcia said.
Proceeds from the sale of these assets will be used to augment funds to settle PSALM’s assumed financial obligations.