Psalm moves deadline for Transco privatization to 1st quarter next year
Manila Times, Dec. 29, 2004
THE Power Sector Assets and Liabilities Management Corp. has moved the deadline for the privatization of the National Transmission Corp. (Transco) to first quarter next year, Raphael P.M. Lotilla, PSALM president and chief executive officer, said Tuesday.
“The initial target of completing Transco’s privatization before end-December happens to be our ‘fighting target,’” he said. “We knew all along that the first quarter of next year will be a realistic target.”
Lotilla said PSALM is still “looking at the same number of investor groups” to participate in the sale of Transco assets.
He said PSALM has already sent “informal” word, urging investor groups to remain “engaged” in the privatization plan.
“All indications show that there is still a high level of interest in Transco,” Lotilla said.
PSALM plans to send out formal announcements to these investors next month.
The Department of Justice earlier ruled that PSALM has the option to award all or only part of the responsibility of improving, expanding, operating and maintaining Transco to qualified groups.
The department’s opinion confirmed the legality of PSALM’s position that, after two failed bids, the Transco concession contract can be awarded through alternative modes including limited source bidding or negotiation.
Limited source bidding, as applied to Transco’s privatization, is an alternative method of procurement that involves direct invitation to bid addressed to a set of preselected transmission operators with known experience and proven capability relative to the requirements of the concession contract.
THE Power Sector Assets and Liabilities Management Corp. has moved the deadline for the privatization of the National Transmission Corp. (Transco) to first quarter next year, Raphael P.M. Lotilla, PSALM president and chief executive officer, said Tuesday.
“The initial target of completing Transco’s privatization before end-December happens to be our ‘fighting target,’” he said. “We knew all along that the first quarter of next year will be a realistic target.”
Lotilla said PSALM is still “looking at the same number of investor groups” to participate in the sale of Transco assets.
He said PSALM has already sent “informal” word, urging investor groups to remain “engaged” in the privatization plan.
“All indications show that there is still a high level of interest in Transco,” Lotilla said.
PSALM plans to send out formal announcements to these investors next month.
The Department of Justice earlier ruled that PSALM has the option to award all or only part of the responsibility of improving, expanding, operating and maintaining Transco to qualified groups.
The department’s opinion confirmed the legality of PSALM’s position that, after two failed bids, the Transco concession contract can be awarded through alternative modes including limited source bidding or negotiation.
Limited source bidding, as applied to Transco’s privatization, is an alternative method of procurement that involves direct invitation to bid addressed to a set of preselected transmission operators with known experience and proven capability relative to the requirements of the concession contract.
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