PSALM remits P377.5M in 2024 – BusinessWorld Online
STATE-RUN Power Sector Assets and Liabilities Management (PSALM) said it remitted a total of P377.51 million last year in a program intended to compensate communities and local government units (LGUs) hosting energy projects.
PSALM released P46.08 million in Energy Regulation (ER) 1-94 program and P241.72 million in Share in the National Wealth (SNW), the firm said in a statement on Tuesday.
ER No. 1-94 is a program intended to make sure that host communities get a reasonable share of the profit from power plants operating in their area.
Meanwhile, under the Republic Act No. 7160, the Local Government Code of 1991, an LGU is entitled to receive an equitable share in the proceeds from the utilization and development of national wealth within their jurisdictions.
For PSALM, these proceeds come from 1% of the gross sales or receipts from the preceding calendar year. These funds, known as SNW, are intended to directly benefit the inhabitants of host communities.
Financial benefits from the ER 1-94 program were sourced from the Agus and Pulangi Hydroelectric Power Plants (HEPPs), as well as the Sual, Pagbilao, and Bakun power plants under independent power producer administrator (IPPA) arrangements.
On the other hand, SNW proceeds came from the Caliraya-Botocan-Kalayaan Hydroelectric Power Plants, Agus and Pulangi HEPPs, and the Bakun and San Roque power plants under IPPA deals. — Sheldeen Joy Talavera
