Sen. Mark A. Villar presides over the Committee on Government Corporations and Public Enterprises hearing to discuss Senate Bill Nos. 1975, 2580 and 2757 or extending the corporate life of the Power Sector Assets and Liabilities Management Corporation (PSALM). “I hope that we get to hear the insights and positions of our resource persons with us today to help us further understand how and why PSALM’s corporate life needs an additional 25-year extension,” Villar said during Monday’s hearing, September 9, 2024. PSALM was created in 2001 through the EPIRA Law which was essentially enacted to restructure the power sector previously monopolized by the National Power Corporation or NPC. PSALM was entrusted to formulate and implement a privatization plan for the government’s energy assets previously held by the NPC. The corporation also took over the ownership of all existing NPC generation assets, liabilities, Independent Power Producers or IPP contracts, real estate, and all other disposable assets. Additionally, PSALM was also mandated to
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