State-run Power Sector Assets and Liabilities Management Corporation (PSALM) has moved to November 9 this year the bid submission deadline for real estate assets that it is divesting in Limay, Bataan.

The original schedule for the submission of tenders had been slightly delayed for four days from November 5, so the prospective bidders will have enough time leeway for their respective due diligence on the property that had been slated for sale.

“The deadline was adjusted to give ample time for all the interested parties to undertake thorough due diligence on the assets,” PSALM said.

It qualified that the extension will allow interested parties to “do site visit, review pertinent documents and to revisit their business plans vis-à-vis PSALM’s sale requirements.”

The government-owned company is counting on the sustained interest of at least six registered bidders for the assets’ divestment – and these include Pan Pacific Renewable Power Philippines Corporation; Fort Pilar Energy Inc.; Panasia Energy Inc.; Cordillera Hydro Corporation; Bellagio Holdings Inc.; and an individual named Laylani Latina De Vera.

As laid down under the bidding terms, the sale of the Limay asset shall be on “as is, where is” basis; and the minimum bid price approved by the PSALM Bord had been pegged at P250.425 million.

Upon the submission of offers, PSALM reiterated that “the opening and evaluation of bids will immediately follow at 2:15pm,” and any party that have submitted a qualified highest price bid will need to go through post-evaluation process prior to the award of the property.

The state-run firm emphasized that “during the preparatory stages of the bidding, several parties have expressed interest in joining the bidding and acquiring the Limay assets.”

PSALM vouched that the assets being lined up for divestment have estimated area of 139,054 square meters – and these have been divided into 14 lots.

The company further qualified that “these assets are ideal for industrial development and energy-related projects due to its proximity to the Limay substation,” adding that “some parts can be developed for residential purposes as the terrain of the land is generally flat with rolling portions.”

PSALM has been speeding up the sale of various real estate assets previously owned by state-run National Power Corporation (NPC), so it can raise additional cash to settle the remaining financial obligations of the power sector.

Source: Manila Bulletin (