The Power Sector Assets and Liabilities Management Corp. (PSALM) on Tuesday bared receipt of P5.176 billion from the Department of Transportation (DOTr) as payment for the purchase of properties in Sucat, Paranaque.
The sale is essentially a transfer by one government agency to another, which is allowed under an approved mode of privatization on real estate assets.
The PSALM said the titled properties cover a land area of 110,129 square meters or a total of 11 hectares.
The second tranche of the sale involves roughly P16 million, covers various land improvements and structures like the guard house, perimeter fence and roadways.
The transaction only formally closes once the DOTr has fully paid the purchase price.
The Sucat property being acquired by the DOTr forms part of the North-South Commuter Railway and the Philippine National Railways’ South Long-Haul projects.
PSALM said it will use the proceeds to address financial obligations worth P300.6 billion as of end-November 2023.
PSALM is privatizing power related government assets to pay for outstanding financial obligations inherited from the National Power Corp.
