PSALM plans to rebid Manila Thermal land

MANILA, Philippines — State-run Power Sector Assets and Liabilities Management Corp. (PSALM) will rebid the land area of the Manila Thermal Power Plant (MTPP) as no bidders showed up during the recent public auction.

In a statement, PSALM said it would rebid the MTTP land as soon as the roadmap for the second round of bidding is finalized.

PSALM president and CEO Irene Joy Besido-Garcia said this was prompted by the failure of a public auction due to non-receipt of any bids at the Aug. 15 deadline.

Garcia said PSALM would investigate why the four prospective bidders, who initially purchased bid documents, eventually decided not to participate in the bidding.

PSALM earlier approved the minimum bid price for the property at P885.75 million.

The sale of the real estate property is aimed at augmenting its funding sources which will be used in servicing assumed financial obligations, it said.

PSALM first published the invitation to bid last December but did not disclose the minimum bid price at that time.

Bidding was open to individuals and sole proprietorships, partnerships or corporation, joint ventures or consortiums, government corporate entities and local government units authorized by law to acquire, own, hold or develop real properties in the Philippines.

The property is situated in Isla de Provisor along Pasig River in Paco, Manila. Comprising eight lots, the MTTP has an approximate area of 20,975 square meters.

Prior to the decommissioning of MTPP in 2000, it benefited electricity users in the Luzon grid.

The decommissioned MTPP was privatized in 2009, the proceeds of which were utilized for the liquidation of maturing power sector debts. MTPP’s privatization paved the way for a complete clean-up of the MTPP land and prepared the site for disposal.