Investment banker named to head PSALM

MANILA, Philippines - Malacañang has appointed investment banker Emmanuel R. Ledesma Jr. to head the Power Sector Assets and Liabilities Management Corp. (PSALM).

Energy Secretary and PSALM vice chairman Jose Rene Almendras said the new president of the asset management firm is expected to take his oath of office today, taking over from lawyer Luz Caminero who has been holding the post in an acting capacity.

Ledesma has more than 20 years of experience in the banking industry, the most recent of which is as managing director and country head of the Royal Bank of Canada. The PSALM post is his first in government service.

He has an economics degree from the University of the Philippines and took his Master of Business Administration (MBA) at the J. J. Kellogg Graduate School of Management at Northwestern University in Illinois.

With Ledesma’s appointment, the government has facilitated the formation of a technical working group (TWG) to review and enhance existing policies and frameworks in the Department of Energy (DOE), including attached agencies, to achieve optimum efficiency in complying with its mandate.

PSALM, created under the restructured Philippine electric power industry, is tasked to manage, privatize and dispose of all existing generation assets, liabilities, real estate and other disposable resources of the National Power Corp. (Napocor).  

Over the past few weeks, PSALM has figured in issues relating to the imposition of an additional component in the universal charge and its financial standing.

The DOE said the TWG will basically highlight its efficiencies and work towards the improved state of a liberalized power sector.

Lasse Matti A. Holopainen, former DOE assistant secretary and Philippine Electricity Market Corp. (PEMC) president, has also accepted the DOE’s invitation to join the TWG. 

Holopainen’s expertise will focus on the financial review of PSALM’s operations while another member, Atty. Josefina Patricia M. Asirit of the DOE will provide legal insight for the TWG. 

The group will review pressing matters that need to be addressed within the energy family, as well as study the impact of certain movements on the consumers. One of the group’s goals is to obtain the possible lowest universal charge that can be passed on to consumers, among other things. 

Other members of the TWG are Rolando Bacani, who will provide technical assistance, and Finance Undersecretary John Philip “Sonny” Sevilla.