Marcos signs law extending PSALM Corp.'s term

President Ferdinand ''Bongbong'' Marcos Jr. signed into law a measure extending the term of the Power Sector Assets and Liabilities Management (PSALM) Corporation.

Under Republic Act No. 12179, PSALM Corp. shall continue to exist for a period of 10 years from the expiration of its original term on June 26, 2026.

All assets held by it, all moneys and properties belonging to it, and all its liabilities outstanding upon the expiration of its term of existence shall revert to and be assumed by the national government.

The PSALM Corp. is tasked to manage the orderly sale, disposition, and privatization of NPC generation assets, real estate, and other disposable assets, and IPP contracts with the objective of liquidating all NPC financial obligations and stranded contract costs in an optimal manner.—AOL, GMA Integrated News