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Brix Lelis - The Philippine Star
February 15, 2026 | 12:00am
This represents a 4.9-percent decline from the P274 billion recorded in 2024 and a P980-billion reduction from PSALM’s peak debt level of P1.24 trillion in 2003.
Businessworld / File
MANILA, Philippines — State-run Power Sector Assets and Liabilities Management Corp. (PSALM) pared its financial obligations by P13.4 billion last year, bringing its outstanding balance down to P260.6 billion.
This represents a 4.9-percent decline from the P274 billion recorded in 2024 and a P980-billion reduction from PSALM’s peak debt level of P1.24 trillion in 2003.
“These achievements strengthen PSALM’s financial position geared toward the completion of its mandate within its extended corporate life in support of the Philippine energy sector,” PSALM president and CEO Dennis Edward Dela Serna said.
PSALM credited its improved financial position to several key transactions, including the P36.3-billion sale of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants in Laguna to the Aboitiz-led Thunder Consortium.
Earlier, the government officially turned over the 797-megawatt hydro complex to the consortium, which submitted the highest bid in last year’s auction.
Apart from privatization efforts, PSALM also generated P15.88 billion in power sales, achieving a 92.3-percent collection efficiency.
“PSALM remains fully committed to further reducing its obligations through sustained privatization efforts and innovative asset and liability management strategies,” Dela Serna said.
To date, the corporation has raised P959.6 billion from privatization, with P888.7 billion already collected. It has also settled P20 billion in interest and other charges and remitted P9 billion in dividends to the national government.
Created under the Electric Power Industry Reform Act, PSALM is mandated to manage the sale and privatization of the government’s existing power generation assets, independent power producer contracts, real estate and all other disposable assets.
PSALM expects to further slash its obligations with the planned rehabilitation of the Agus-Pulangi hydropower complex in Mindanao.
This could generate around P40 billion to P90 billion in revenues through a concession agreement with a private sector partner, Dela Serna said.
