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Background Information

Employment History

Power Sector Assets and Liabilities Management Corp.


Web References (6 Total References)


uw2.abs-cbnnews.com [cached]

Joker Arroyo, Juan Ponce Enrile and Sergio Osmeña III, as well as House members sitting in the power commission, were apparently not satisfied with the explanations given by outgoing Energy Secretary Vincent Perez and Power Sector Assets and Liabilities Management (PSALM) president Rafael Lotilla at the hearing â€"that the terms of the Masinloc deal are the best that the government could get for the Masinloc coal-fired plant in Zambales.

Lotilla moves to DOE, Santos new DTI chief

:: Welcome to Manila Bulletin Online ::

www.mb.com.ph [cached]

In the meantime, PSALM president Rafael Lotilla said the proposed rates adjustments would allow Napocor to jack up revenues to cover its projected operational losses of P50 billion in the next three years.


www.abs-cbnnews.com [cached]

Santiago added that in reply to this, PSALM president Rafael Lotilla explained that YNN was considered as a so-called “special purpose vehicle.†He added that as a special purpose vehicle it was established only to buy the power plant, which explains why YNN is undercapitalized and why it was incorporated only recently, Santiago recalled.

According to Lotilla, YNN, as a special purpose vehicle was established to avoid legal complications that might arise if a Filipino company insists on the alleged right to match the bid of a foreign investor.
“That explanation is weak,†said Santiago. “The more important point is that PSALM refused to give YNN a guarantee for cost recovery, and yet YNN proceeded to bid for Masinloc, and even paid 40 percent of the bid price amounting to $224.7 million.Why would a special purpose vehicle be willing to pay upfront 40 percent of the bid price, when there is no guarantee for cost recovery?†she asked.


www.abs-cbnnews.com [cached]

Lawyer Rafael Lotilla, president of the Power Sector Assets and Liabilities Management Corp. (PSALM), said there will be no outright sale, but the national power sector will be open for private concessions.

Speaking before the Senate Committee on Energy, Lotilla said President Arroyo has approved the recommendation of the joint congressional power commission that studied the manner by which TRANSCO would be privatized.
This way, Lotilla said TRANSCO will remain under government control and would avoid spending for its operation and maintenance.

On hand to witness the event ...

www.hedcor.com [cached]

On hand to witness the event were (from left) PSALM VP Froilan Tampinco, PSALM President Rafael Lotilla, (from right) Hedcor President and COO Rene Ronquillo, Hedcor Assistant CFO Darlene Arguelles, Hedcor VP Luis Miguel Aboitiz, and Hedcor SVP and CFO Jose Venancio Batiquin.

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