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NPCAC settles arrears with PSALM

By CHINO S. LEYCO

The NPC Alliance Corp. (NPCAC) said the company has already settled its overdue obligation with the Power Sectors Assets and Liabilities Management (PSALM) Corp.

In a statement posted on the NPCAC website, the company said it “finally has settled on P611.36 million outstanding obligation” with PSALM.

To recall, the Department of Finance (DOF) issued a press release on July 16, 2019, quoting PSALM President and Chief Executive Officer Irene Besido Garcia’s demand letters to 14 companies, including NPCAC, regarding their total arrears of P1.931 billion.

NPCAC said it was the “biggest debtor of Power Sectors Assets and Liabilities Management (PSALM).”

In a letter to Manila Bulletin dated June 22, 2020, Amir Hatami Ramsheh, NPCAC president and chief executive, said the company has “entered into a Special Payment Agreement (SPA) with PSALM regarding its unpaid P611.36 million power bills.”

Ramsheh said NPCAC “paid/settled most of the outstanding obligation in 2019. The balance will be paid on time, with respect to the terms stated in the SPA.”

Quoting forwarded mobile phone messages sent by PSALM, Finance Secretary Carlos G. Dominguez III confirmed with Manila Bulletin that NPCAC paid the state-owned firm on October 23, 2019.

Dominguez also said the report by Manila Bulletin on July 16, 2019, which was based on a DOF press release, about NPCAC’s arrears with PSALM was “factual.”

“There was nothing untruthful about that DOF Press Release! The DOF Press Release was factually accurate,” PSALM’s mobile phone messages to Dominguez, which the finance chief forwarded to Manila Bulletin, read.

PSALM also reported to Dominguez that NPCAC wrote the state-run firm to threaten a libel lawsuit

“NPC Alliance sent me a letter threatening me with libel and I already answered its letter. At the time of the Press Release, NPC Alliance has not yet paid PSALM. It paid PSALM only months later. I will send to you now my response to the libel threat,” Dominguez quoted PSALM as saying.

“The reality is that because of the DOF press release, NPC Alliance felt pressured to pay PSALM and it in fact eventually paid PSALM. If the press release was untruthful or false, then NPC Alliance would not have remitted any payment to PSALM,” the state-owned firm told the DOF chief.

Dominguez also serves as chairman of the PSALM board of directors.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/23/npcac-settles-arrears-with-psalm/)

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