The Duterte administration has tapped Agnes Devanadera to head the Power Sector Assets & Liabilities Management Corp. (PSALM).
Devanadera, who served as the Solicitor General during the Gloria Macapagal-Arroyo administration from March 2, 2007 to January 15, 2010, and as the justice secretary, will now be PSALM’s new president and chief executive officer.
When asked whether Devanadera’s appointment as PSALM’s new chief is merely a prelude to her appointment as the next Energy Regulatory Commission (ERC) chair, a ranking official from the Department of Energy said without elaborating, “[Jose Vicente] Salazar has not yet resigned.”
PSALM’s major functions include undertaking a range of activities preparatory to the bid proper, including drafting information memoranda and transaction documents to be distributed to prospective bidders. PSALM also conducts due diligence on the government’s remaining power assets for privatization.
PSALM also manages all existing debt of the National Power Corp,capital lease payments to independent power producers (IPPs), and the outstanding obligations of electric cooperatives to the National Electrification Administration and other government agencies. This function includes the management of other liabilities assumed by PSALM as well as its future borrowings.
PSALM, with the supervision and approval of the ERC, also administers the Universal Charge (UC), which distribution utilities collect every month from all electric consumers.
The UC fund is used to finance, as specified by law, missionary electrification, environmental protection projects, and payment of National Power’s stranded debts.
Before she assumed the post of solicitor general during the Arroyo administration, Arroyo wanted to appoint her as associate justice of the Supreme Court but the Judicial and Bar Council, which prepares the shortlist of nominees from which a president could choose from, removed her name.
Devanadera, who ran as congresswoman in the first district of Quezon province in the 2010 poll, finished her Bachelor of Science in Commerce major in Accounting in St. Paul College. Then, she pursued her Bachelor of Laws in Ateneo de Manila University and graduated in 1976. She was then admitted to the Philippine Bar and later to the New York Bar in 1986.