The Power Sector Assets and Liabilities Management Corp. (Psalm) is demanding two firms to settle their long overdue obligations of at least P671.16 million combined, according to the Department of Finance (DoF). In a statement on Tuesday, the Finance department said Psalm sent separate final demand letters to First Bay Power Corp. (FBPC) and Abra Electric Cooperative Inc. (Abreco). Copies of the letters — both dated August 24 this year — were furnished Finance Secretary and Psalm Chairman and Energy Secretary Alfonso Cusi. In the letters, Psalm President Chief Executive Officer Irene Besido Garcia and acting Vice President for Finance Manuel Marcos Villalon 2nd were quoted as saying that FBPC has a long overdue financial obligations to Psalm amounting to P35.15 million. Meanwhile, they added that Abreco has arrears of P599.13 million on its power account and another P36.89 million in unremitted universal charge (UC) collections plus all other unremitted UC collections for the months not covered by its submitted UC reports. The Psalm officials explained that Abreco’s overdue power account as of July 31, 2020 covered a period of 10 years, consisting of restructured account, interest and penalty, value-added tax (VAT) and Energy Regulatory Commission (ERC)-approved power rate adjustments. FBPC, on the other hand, incurred arrears covering a seven-year period as of July 31, 2020. Its long overdue obligation of P35.15 million includes its power bill, interest and VAT, and ERC-approved power rate adjustments, they added.