GOCC: PSALM Failed to Use Sold Assets for Napocor Debt Payment

The House Committee on Appropriations uncovered that the Power Sector Assets and Liabilities Management Corporation (PSALM), the GOCC tasked in to undertake the privatization of the Napocor assets and pay off its debts, paid only a total of $4 billion, despite $10.65 billion privatizaton proceeds, loans of $2.2 billion in 2009, and P30 billion loan in 2010. [See GOC Corporation/GF Institutions page for details.]