Republic Act No. 12179

AN ACT AMENDING SECTION 50 OF REPUBLIC ACT NO. 9136, OTHERWISE KNOWN AS THE "ELECTRIC POWER INDUSTRY REFORM ACT OF 2001"

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. Section 50 of Republic Act No. 9136, otherwise known as the "Electric Power Industry Reform Act of 2001", is hereby amended to read as follows:

"Section 50. Purpose and Objective, Domicile and Term of Existence. - The principal purpose of the Power Sector Assets and Liabilities Management Corporation (PSALM Corp.) is to manage the orderly sale, disposition, and privatization of NPC generation, assets, real estate, and other disposable assets, and IPP contracts with the objective of liquidating all NPC financial obligations and stranded contract costs in an optimal manner.

The PSALM Corp. shall continue to exist for a period of ten (10) years from the expiration of its original term on June 26, 2026. All assets held by it, all moneys and properties belonging to it, and all its liabilities outstanding upon the expiration of its term of existence shall revert to and be assumed by the National Government: Provided, That PSALM Corp. shall be prohibited from collecting or charging consumers for stranded costs and stranded debts during its extended corporate life, except as otherwise approved by the Energy Regulatory Commission (ERC) prior to the date of the passage of this Act."

Section 2. Repealing Clause. - All laws, presidential decrees, executive orders, letters of instruction, proclamations, or administrative regulations that are inconsistent with the provisions of this Act are hereby repealed, amended, or modified accordingly.

Section 3. Effectivity. - This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in a newspaper of general circulation.

Approved,

<table data-cellpadding="5" data-cellspacing="0" data-border="0" width="90%" data-align="center"> <colgroup> <col style="width: 50%" /> <col style="width: 50%" /> </colgroup> <tbody> <tr class="c" data-valign="top"> <td>(SGD.) <strong>FERDINAND MARTIN G. ROMUALDEZ</strong><br /> Speaker of the House of Representatives</td> <td>(SGD.) <strong>FRANCIS "CHIZ" G. ESCUDERO</strong><br /> President of the Senate</td> </tr> </tbody> </table>

This Act, which is a consolidation of Senate Bill No. 2837 and House Bill No. 10592, was passed by the Senate of the Philippines and the House of Representatives on February 3, 2025 and February 4, 2025, respectively.

<table data-cellpadding="5" data-cellspacing="0" data-border="0" width="90%" data-align="center"> <colgroup> <col style="width: 50%" /> <col style="width: 50%" /> </colgroup> <tbody> <tr class="c" data-valign="top"> <td>(SGD.) <strong>REGINALD S. VELASCO</strong><br /> Secretary General House of Representatives</td> <td>(SGD.) <strong>RENATO N. BANTUG, JR.</strong><br /> Secretary of the Senate</td> </tr> </tbody> </table>

Approved: Lapsed into law APR 18 2025, without the signature of the President, in accordance with Article VI, Section 27(1) of the Constitution.

FERDINAND ROMUALDEZ MARCOS JR. President of the Philippines