{"id":247523,"date":"2020-03-08T07:24:36","date_gmt":"2020-03-08T11:24:36","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=247523"},"modified":"2020-03-08T07:24:36","modified_gmt":"2020-03-08T11:24:36","slug":"palace-bent-on-collecting-p95-b-debts-of-power-firms-coops","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/03\/08\/palace-bent-on-collecting-p95-b-debts-of-power-firms-coops\/","title":{"rendered":"Palace bent on collecting P95-B debts of power firms, coops"},"content":{"rendered":"
\"electricity,<\/a>
PSALM is the agency tasked by Congress under the Electric Power Industry Reform Act of 2001 to sell the assets of the defunct National Power Corp. (Pixabay photo)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 The Duterte administration will run after the billions of pesos worth of overdue payments which power companies and electric cooperatives owe the government, Malaca\u00f1ang said on Sunday.<\/p>\n

Presidential Spokesperson Salvador Panelo made this remark following reports that power companies, including South Premiere Power Corp. (SPPC), Northern Renewables Generation Corp., Filinvest Development Corp. (FDC) Misamis Power Corp., among others owe the state-owned Power Sector Assets and Liabilities Management Corporation (PSALM) debts amounting to some PHP95.42-billion.<\/p>\n

\u201cBasta may utang sa gobyerno, singilin natin kahit na sinong may utang. Malaking tao o hindi malaking tao. Malapit o hindi<\/em>\u00a0(As long as there are debts, the government will run after them. Whether they are powerful people or not, whether they are close to the President or not),\u201d Panelo said in an interview over DZIQ.<\/p>\n

PSALM is the agency tasked by Congress under the Electric Power Industry Reform Act of 2001 to sell the assets of the defunct National Power Corp.<\/p>\n

Panelo reiterated that there will be \u201cno scared cows\u201d in government.<\/p>\n

Meanwhile, he said Solicitor General Jose Calida is free to attend a legislative inquiry into power companies\u2019 and electric cooperatives\u2019 overdue payments.<\/p>\n

Earlier, the House Committee on Good Government and Public Accountability and Committee on Public Accounts ordered Calida to testify at the joint hearing on March 11 after failing to show up at the past hearings in February.<\/p>\n

Calida was asked to provide the House panels with \u201cpertinent documents,\u201d including his office\u2019s \u201cMotion for Leave to Intervene,\u201d in connection with the uncollected PHP14.97 billion and PHP315.42 million from the Manila Electric Company (Meralco) and First Gen Hydro Power Corporation.<\/p>\n

\u201cWala namang masama sa pagdalo sa<\/em>\u00a0hearing (There\u2019s nothing wrong with attending a hearing),\u201d Panelo said.<\/p>\n

He said Palace will not stop Calida from attending the legislative investigation.<\/p>\n

The House committees said one of the biggest unpaid debts is from SPPC, a subsidiary of San Miguel Global Power Corporation, which owes PSALM PHP23.4 billion.<\/p>\n

They warned that with the set expiration of PSALM\u2019s corporate life by 2026, these uncollected receivables of the national government could be \u201cultimately\u201d passed on to the consumers.<\/p>\n

\u201cThis is an unacceptable proposition that the House of the People, under the leadership of Speaker Alan Peter Cayetano, vigorously objects to. Our action is in pursuit of President Duterte\u2019s commitment to ensure the quality, reliability, and affordability of the supply of electric power in the country to provide a safe and comfortable life for all Filipinos,\u201d they said.<\/p>\n

Meanwhile, the PSALM vowed to continue its collection efforts to go after power companies with delinquent accounts totaling a whopping PHP33.62 billion.<\/p>\n

If these debts remain unpaid, PSALM will incur an annual borrowing cost of about PHP1.7 billion a year.<\/p>\n","protected":false},"excerpt":{"rendered":"

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