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Manila Bulletin devider Philippines devider National devider Gatchalian hopes extension of PSALM's corporate life will curb electricity price in Philippines

Gatchalian hopes extension of PSALM's corporate life will curb electricity price in Philippines

Published Apr 27, 2025 05:27 am

Senator Sherwin Gatchalian on Sunday, April 27 welcomed the 10-year extension of the corporate life of the Power Sector Assets and Liabilities Management Corporation (PSALM) as this would help bring down the cost of electricity in the Philippines.


 

“The extension of the corporate life of the Power Sector Assets and Liabilities Management Corporation would hopefully ensure stability and efficiency in the management of its remaining contractual obligations,” Gatchalian said in a statement.


 

“I am optimistic this would redound to benefits for the consumers through reliable electricity supply and better control of power-related debts,” he added.


 

“Inaasahan nating ang pagpapalawig sa corporate life ng PSALM ay makakatulong para mapigilan ang pagtaas ng presyo ng kuryente na nanggagaling sa power assets na nasa ilalim nito (We expect that the extension of PSALM's corporate life will help prevent the increase in electricity prices coming from the power assets under it),” he pointed out.


 

Last April 15, President Ferdinand Marcos Jr. signed Republic Act No. 12179 extending the corporate life of the Power Sector Assets and Liabilities Management Corp. (PSALM) for 10 years to 2036.


 

Republic Act (RA) 12179 primarily amended Section 50 of RA 9136, otherwise known as the Electric Power Industry Reform (Epira) Act of 2001, allowing PSALM to continue to exist for a period of 10 years from the expiration of its original term on June 26, 2026.


 

“All assets held by it, all moneys and properties belonging to it, and all its liabilities outstanding upon the expiration of its term of existence shall revert to and be assumed by the National Government,” RA 12179 read.


 

“PSALM Corp. shall be prohibited from collecting or charging consumers for stranded costs and stranded debts during its extended corporate life, except as otherwise approved by the Energy Regulatory Commission prior to the date of the passage of this Act,” it added.


 

Gatchalian welcomed the latest development and cited the need to introduce reforms in the power sector.


 

“To boost supply and affordability, let’s keep improving transparency and accountability in the energy sector,” he stressed.


 


 

Related Tags

Sherwin Gatchalian Power Sector Assets and Liabilities Management Corp. EPIRA Law
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