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Manila Bulletin devider Business devider Trade & Industry devider PSALM revives Diliman property redevelopment plan

PSALM revives Diliman property redevelopment plan

Published Aug 21, 2025 06:00 pm  |  Updated Aug 21, 2025 04:26 pm
Dennis Edward A. Dela Serna
Dennis Edward A. Dela Serna
With its corporate life extended by another decade, Power Sector Assets and Liabilities Management Corp. (PSALM) is revisiting its plans to convert its Diliman property in Quezon City into a mixed-use complex featuring commercial, office, and high-value developments.
Dennis Edward A. Dela Serna, PSALM president and chief executive officer (CEO), confirmed that the state-run corporation is reviving its redevelopment plan for the 5.195-hectare (ha) property located within the National Power Corp. (NPC) compound.
The area is planned to be transformed into a mixed-use complex, which was previously said to take inspiration from developments such as Bonifacio Global City (BGC) and New Clark City, as undertaken by the also state-run Bases Conversion and Development Authority (BCDA).
“We are in the process of seeking board approval for the Diliman property privatization plan,” Dela Serna told Manila Bulletin on Thursday, Aug. 21. The PSALM board discussed the matter last Wednesday, Aug. 20.
“As such, the indicative timeline is still to be determined and/or finalized,” he added.
According to the PSALM chief, a straight sale of the property remains a possibility alongside the redevelopment blueprint initially discussed in previous years.
“We still need to present and seek approval. [Redevelopment] is part of the options. The other is a straight sale,” he said.
To recall, the Department of Finance (DOF) approved the privatization plan contingent on the extension of PSALM’s corporate life beyond 2026.
The privatization plan for the Diliman property had previously undergone a feasibility study conducted by PricewaterhouseCoopers (PwC), which formed the basis for the DOF’s initial approval to pursue the redevelopment.
In April 2025, PSALM’s corporate life was extended by 10 years from its original expiry in 2026, as the extension lapsed into law without the signature of President Ferdinand R. Marcos Jr.
Last July, PSALM successfully sold the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plants to a consortium led by Aboitiz Power Corp. (AboitizPower).
Finance Secretary Ralph G. Recto, who as DOF chief chairs PSALM’s board of directors, recently noted that the privatization of CBK will generate at least ₱35 billion in additional revenues for the government.
Moving forward, plans to rehabilitate the decades-old 1,001-megawatt (MW) Agus-Pulangi hydropower complex in Mindanao through public-private partnership (PPP) are gaining traction and are expected to progress within the next three years, according to Recto.
The seven-plant complex, owned by PSALM, currently produces only 600 to 700 MW due to aging infrastructure.
PSALM plans to proceed with the PPP for Agus-Pulangi rehabilitation once it secures a commercial transaction advisor (TA). The renewed push comes after the Marcos Jr. administration shelved earlier financing plans with the World Bank.

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Power Sector Assets and Liabilities Management Corp. (PSALM) National Power Corporation (NPC)
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