House panel approves extension of PSALM charter

MANILA, Philippines — The House committee on energy on Wednesday approved a substitute bill to extend for 30 years the corporate life of Power Sector Assets and Liabilities Management Corp. (PSALM).

Albay Rep. Joey Salceda said the measure would help the government avoid having to shoulder what he estimated to be P198 billion in PSALM liabilities by 2026, when the corporation is set to expire under its original charter.

Salceda said the extension would allow more time for projects that could reduce the corporation’s debts.

—NESTOR CORRALES