Megawide shares have been down 4 centavos or 27 percent to shut at P14.60 apiece on Friday.
THE Power Sector Assets and Liabilities Management Corp. (Psalm) on Friday denounced San Miguel Corp.’s (SMC) claim that it had no payables to the country-run company after paying P314.6 billion for administering the 1,200-megawatt Ilijan mixed-cycle energy plant.
The standing order of the cutting-edge Psalm board of directors, which includes Finance Secretary Carlos Dominguez third and Energy Secretary Alfonso Cusi, is to acquire the arrears of SMC electricity unit South Premiere Power Corp.
“Notwithstanding such remittance, SPPC nevertheless owes Psalm P23.Ninety four billion,” Psalm said in a assertion on Friday.
“The payables of San Miguel’s South Premiere Power Corp. As computed by using the Power Sector Assets and Liabilities Management Corp., are based totally on the bid that San Miguel provided to Psalm in 2010 for the Ilijan Power Plant,” it delivered.
Despite the conglomerate’s recent remittance, Psalm stated the P314.6 billion remains poor whilst payables are computed primarily based on the bid submitted by means of San Miguel and on the unbiased power manufacturer administration agreement’s (IPPAA) formulation for computing payables.
Psalm stated its billings to the SMC energy unit, which include the unpaid P23.94 billion, are based totally on the bid that San Miguel submitted to Psalm in April 2010 in the course of the public bidding carried out for Ilijan’s IPPAA, which was absolutely disclosed to all participants prior to the bidding.
Psalm in no way claimed that no charge changed into acquired from SPPC. Even if there have been payments made through SPPC to Psalm, there remains P23.Ninety four billion well worth of arrears that SPPC must pay.
“It isn't always truthful for SPPC to bitch that it has already paid too much to Psalm, or that it needs to pay even extra, because these payments are all based totally on SPPC’s very own bid, a enterprise judgement of SPPC that it need to honor no matter any exchange in occasions or any impact in its income margin,” Psalm President and Chief Executive Officer Irene Joy Garcia stated.
In 2010, San Miguel took on a “bid-to-win” mindset to clinch the general public bidding and grow to be Ilijan’s IPPA. This method of San Miguel led to financial results that it must take delivery of because the terms of the 2010 public bidding can not be changed.
“It could be very critical to strain that even as Psalm termination of the IPPAA occurred in 2015, the authentic and criminal bases of such termination had been extensively reviewed and upheld via the current board of administrators of Psalm,” it said.