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SMC unit trims payables to PSALM to P21.87 B

Published July 19, 2021, 2:10 PM
The receivables of state-run Power Sector Assets and Liabilities Management Corporation (PSALM) from a subsidiary-company of San Miguel Corporation for the capacity payments of the 1,200-megawatt Ilijan gas-fired power plant had been pared to P21.871 billion, as stipulated in the company’s 2020 audited financial statement recently issued by the Commission of Audit.
That scale of receivables of the government-run firm from South Premiere Power Corporation (SPPC), a subsidiary of SMC Global Power Holdings Corp., had been pared from P27.308 billion in 2019.
Because of the reduced receivables of PSALM from SPPC, it was shown that the overall collections the state-run firm has been pursuing from Independent Power Producers (IPPs) as well as with the IPP Administrators (IPPAs) had already been down to P25.720 billion as of end-December 2020; or roughly P7.0 billion lower from P32.504 billion in the previous year. ....

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