Power Sector Assets and Liabilities Management Corporation (PSALM) (1)

March 30, 2012 FIRB RESOLUTION NO. 003-12 SUBJECT MATTER : Power Sector Assets and Liabilities Management Corporation (PSALM) (1) WHEREAS, the Power Sector Assets and Liabilities Management Corporation (PSALM) is mandated to manage the efficient and orderly sale, disposition and privatization of all existing National Power Corporation (NPC) generation assets, liabilities, Independent Power Producer (IPP) contracts, real estate and all other disposable assets of NPC under the Electric Power Industry Reform Act of 2001; WHEREAS, the conduct of these functions has resulted in the basic Value-Added Tax (VAT) liabilities of the PSALM for the year 2008 arising from its sale of generation assets and other income in 2008; WHEREAS, the PSALM does not have the financial resources to settle these tax obligations with the Bureau of Internal Revenue; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to grant tax subsidy to the PSALM to cover its Basic Deficiency VAT liabilities for 2008 in the amount of SIX BILLION FOUR HUNDRED EIGHTY FIVE MILLION TEN THOUSAND THIRTY FIVE AND 04/100 PESOS (PhP6,485,010,035.04) only: Provided, that such availment shall be in accordance with the terms and conditions of Section 13 of the 2012 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision under Executive Order No. 93. (SGD.) LAURA B. PASCUA Undersecretary Department of Budget and Management (SGD.) CRISTINO L. PANLILIO Undersecretary Department of Trade and Industry (SGD.) MARGARITA R. SONGCO Deputy Director-General National Economic and Development Authority (SGD.) MARISSA O. CABREROS Assistant Commissioner Bureau of Internal Revenue (SGD.) RAMON G. CUYCO Director Bureau of Customs (SGD.) TRINIDAD A. RODRIGUEZ Officer-in-Charge National Tax Research Center Head, FIRB Secretariat (SGD.) GIL S. BELTRAN Undersecretary of Finance Presiding Officer-FIRB