Naga City buys Psalm property for seaport development

Naga City has purchased a 466-square-meter property from the Power Sector Assets and Liabilities Management Corp. (Psalm) for P8.761 million. The payment and necessary documentation have been completed, following a memorandum of agreement signed in January. The city plans to develop the land into an access road for a new seaport as part of its reclamation project. Psalm stated that proceeds from asset sales will help settle its financial obligations, which have decreased significantly since 2003. Psalm recently reported savings of P510 million due to a tax relief executive order. This order reduced its real property tax liabilities under build-operate-transfer contracts, allowing better management of its financial responsibilities.