The Power Sector Assets and Liabilities Management Corp. (PSALM) has declared a failed bidding for its prime property in Diliman, Quezon City.
The state firm received no offers during the bidding held last October 20, according to PSALM President Dennis Edward Dela Serna. ‘The three bidders who initially showed interest did not appear.’
PSALM will conduct another bidding, added Dela Serna.
The minimum bid price for the property is P11.09 billion. It consists of two lots covered by Title No. N-326294, with a total land area of 51,948 square meters. Of the property’s total 51,948-square-meter land area, an estimated 12,250 square meters have been excluded from the sale, leaving a net salable area of 39,698 square meters, together with the buildings, structures, and improvements located within such area.
The excluded areas include an estimated 5,000 square meters reserved for PSALM’s use and around 7,250 square meters occupied by the Systems Operation (SO) and National Control Center (NCC) facilities. Under its existing agreement with PSALM, the National Grid Corporation of the Philippines (NGCP) will continue using the NCC and SO buildings for transmission operations until January 15, 2034.
The bidding is open to qualified individuals, sole proprietors, cooperatives, corporations, partnerships, joint ventures, consortiums, government-owned entities, and local government units authorized to acquire and develop real property in the Philippines.
Private entities must be at least 60 percent Filipino-owned.
PSALM is in charge of liquidating the National Power Corp.’s (NPC) financial obligations, including stranded debts and stranded contract costs, by implementing an efficient liability management program that conforms to the provisions of Republic Act 9136, or the Electric Power Industry Reform Act.
Last June, the state-run firm said its financial obligations at end-March this year went up to P297.64 billion from P260.6 billion at end-2025.
The 13-percent increase, according to Dela Serna, was primarily due to a P37-billion draw down in February in preparation for debt servicing requirements, particularly principal payments due in May and June amounting to approximately P168 billion.
Moreover, foreign exchange rate adjustments also contributed to the rise in the outstanding balance. ‘These factors temporarily elevated the reported debt level,’ said Dela Serna.