Psalm asked to account for $12.1 billion By Gerry Baldo 11/17/2010

Psalm asked to account for $12.1 billion

By Gerry Baldo 11/17/2010

Some members of the House of Representatives yesterday sought an accounting of the funds of the Power Sector Assets Liabilities Management Corp. (Psalm) amid fresh petitions for additional power rates increase intended allegedly to recover debts.

According to Eastern Samar Rep. Ben Evardone the petitions would have been unnecessary had Psalm used the earnings from the privatization of the National Power Corporation (Napocor).

Evardone maintained that Psalm has generated $10.6 billion from the privatization and incurred $2.8 billion new loans for a total of $13.4 billion but only paid $1.3 billion of NPC’s outstanding debts.

“Psalm should explain to the public where the $12.1 billion from the sale of the 91.8 percent of the NPC asset went,” Evardone said..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/nation/20101117nat1.html