Photo Release

POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT: Senator Sherwin Gatchalian, chair of the Senate Committee on Energy, conducts an inquiry on the alleged failure of the Power Sector Assets and Liabilities Management (Psalm) Corporation to remit dividends to the national government, Wednesday, December 7, 2016. According to Gatchalian, PSALM is mandated by Republic Act No. 7656 to declare and remit at least 50 percent of its annual net earnings as cash, stock, or property dividends to the Bureau of Treasury. "PSALM must provide a detailed accounting of its liabilities to the national government and give a satisfactory explanation as to why it has not complied with its clear-cut responsibilities under the law for more than a decade now," Gatchalian said. Also in photo is Senator Leila De Lima. (PRIB Photo by Albert Calvelo/07 December 2016)