Thursday, February 22, 2007 State power management firm head quits
POWER Sector Assets and Liabilities Management Corporation (Psalm) president Nieves Osorio resigned on Wednesday.
In her farewell message to Psalm officials and employees on Wednesday, Osorio said her resignation hae nothing to do with the failed bidding for the privatization of the National Transmission Corporation (Transco) nor was she forced to resign.
"I would like to take this occasion to dispel speculations that I have been forced to resign because of the outcome of the bidding for the 25-year concession of Transco," she said.
Osorio said she had been planning to leave Psalm once she has completed the privatization of the assets of the National Power Corporation (Napocor) and Transco.
"After almost two years at the helm of Psalm, I have decided to resign after having accomplished major targets set by the corporation. The period saw some high and low points which I would not have handled without the unflagging support of very professional and dedicated Psalm workers," she added.
Osorio asked Psalm employees to extend the same courtesy to her would-be successor. She also thanked President Gloria Macapagal-Arroyo for giving her the chance to serve the Filipino people as Psalm president.
Arroyo said International Container Terminal Services Inc. (ICTS) board director Jose Ibazeta would replace Osorio.
Psalm vice chairman and Energy Secretary Raphael Lotilla said Osorio "had been a great help in the Psalm, particularly in the privatization projects of the government."
Among Osorio's achievements are the privatization of the 112-megawatt (MW) Pantabangan-Masiway hydroelectric complex and 360-MW Magat hydroelectric plant, collection of the US$14 million performance bond from YNN Pacific Consortium, and obtaining the consent of the Asian Development Bank (ADB) and World Bank to the transfer and sale of assets and liabilities of Napocor. (MSN/Sunnex)
