Power Sector Assets and Liabilities Management Corporation (PSALM) (4)

December 28, 2012 FIRB RESOLUTION NO. 017-12 SUBJECT MATTER : Power Sector Assets and Liabilities Management Corporation (PSALM) (4) 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 the NPC under Republic Act No. 9136 (Electric Power Industry Reform Act of 2001); SaIEcA WHEREAS, the conduct of these functions has resulted in the basic Value-Added Tax (VAT) liabilities of the PSALM for the year 2009 arising from its transfer of coal, diesel and other supplies to Independent Power Producer Administrators (IPPAs), proceeds from sale of banked gas to the Philippine National Oil Company (PNOC), and other income; 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 2009 in the amount of THREE BILLION FOUR HUNDRED FIFTEEN MILLION EIGHTY FIVE THOUSAND FIVE HUNDRED EIGHTY SEVEN PESOS (PhP3,415,085,587.00) 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.) ADRIAN S. CRISTOBAL, JR. Undersecretary Department of Trade and Industry (SGD.) EMMANUEL F. ESGUERRA Deputy Director-General National Economic and Development Authority (SGD.) KIM S. JACINTO-HENARES 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.) JEREMIAS N. PAUL, JR. Undersecretary Department of Finance Presiding Officer-FIRB