Osorio resigns; ICTSI's Ibazeta new PSALM chief

(Update 2) President Gloria Macapagal Arroyo has named International Container Terminal Services Inc. director Jose C. Ibazeta as the new Power Sector Assets and Liabilities Management Corp. president, after accepting the resignation of former PSALM chief Nieves Osorio. The announcement was made by Executive Secretary Eduardo Ermita during a press briefing in Malacanang on Wednesday. Speaking to reporters after a round table discussion held during the same day, Arroyo said Ibazeta deserved the post as he is a "business minded professional manager." "We need a business minded professional manager in PSALM so we asked him to take the place of Bing Osorio," Arroyo told reporters. Arroyo said Ibazeta was supposed to be assigned as ambassador to Iraq but the plan did not push through because of the ongoing war in the Middle Eastern country. Aside from being a director of the international port operator, Ibazeta is also sits at the board of listed firm A. Soriano Corp. Osorio, whom the President described as a "very good career official," resigned after two years as head of PSALM, and a total of 35 years in government service. Deparmtent of Energy secretary Rafael Lotilla, for his part commended Osorio for her accomplishments while with PSALM. "I would like to commend president Nieves Osorio for her accomplishments as president of PSALM, including obtaining the consent of Asian Development Bank and World Bank to the transfer and sale of National Power Corp. assets and liabilities, the sale of Pantabangan and Magat, in moving the management of Napocor liabilities significantly forward and successfully obtaining for NPC at favorable terms for the govt," Lotilla said in a statement distributed to the media. "She succeeded in her commitment to move the privatization process forward in a period of time while upholding the integrity of the process and the institution," he said in a statement. Not eased out In a letter acknowledging the President's acceptance of her resignation, Osorio belied rumors she was eased out of her position due to the failed bidding of the National Transmission Commission. "I would like to take this occasion to dispel speculations that I have been forced to tender my resignation because of the outcome of the bidding for the 25-year concession of the National Transmission Commission," Osorio said in the letter. Osorio said she had resigned "to take a much needed break" from public service. Last February 5, Osorio declared the public auction of the country's power grid a failure after only one of the three participants submitted a bid. The government subsequently announced it would rebid the concession instead of going into negotiations with the lone bidder, the consortium between Citadel Holdings Corp. and Italian firm Terna SPA. "As early as last year, I have made a personal commitment that I will finish this specific transaction. The final result may have not been up to PSALM's and the National Government's expectations or my own personal wishes. But this specific transaction has been completed," Osorio said in the letter. "We have done our best and despite some limitations ... we have actually reached the bidding stage, crafted a transaction document on which we had a group of investors who were willing to take the risk with us," she added.-GMANews.TV