PSALM undergoes new organizational restructuring

by Myrna Velasco – February 1, 2016

from Manila Bulletin

State-run Power Sector Assets and Liabilities Management Corporation (PSALM) had undergone another round of organizational restructuring, with its presidency still unfilled at this point.

In a statement to the media, the company has affirmed the movements of some key designations as recent PSALM president and chief executive officer Lourdes S. Alzona returned to her previous post as vice president for finance.

While no president and CEO has been named or elected yet for the government-owned firm, Alzona will also concurrently be officer-in-charge.

The company further announced that Arnold C. Francisco had been appointed Vice President for Asset Management Group; and Cecilio B. Gellada Jr. was named General Counsel/Vice President for the Office of the General Counsel.

PSALM said “the recent movements were implemented to adhere to the principles of good corporate governance and to further enhance PSALM’s institutional capacities in delivering its mandate.”

In going back to her old post, Alzona has indicated that “the trust and responsibilities as well as expectations of the job are the same for PSALM CEO and PSALM OIC.”

The only difference, she explained, is that “the latter is being in career service and be able to serve the government more.”

As PSALM president, Alzona’s term could end when the current administration steps down; but if she trails her career service path, she could stay in the company longer.

PSALM still has remaining power assets for privatization – including supply contracts of the independent power producers (IPPs) as well as some major hydro plants, mainly the Agus-Pulangui hydro facilities in Mindanao.

The company is saddled also with the mandate on liability management of the power sector’s debts and outstanding obligations.

Its most recent applications for cost recoveries on universal charges for stranded debts and stranded contract costs are still pending with the Energy Regulation Commission.