How a trillion-peso balance sheet moved overnight
Under the 2001 EPIRA law, the National Power Corporation’s generation assets were sold and its obligations assumed by the Power Sector Assets and Liabilities Management Corporation (PSALM). In 2008 alone, NPC’s assets fell from ₱893B to ₱14B as PSALM’s ballooned past a trillion pesos — assets and debt together.
The ledger shows where public assets and liabilities remained after restructuring. Read CPII’s ownership and wealth-transfer analysis in EPIRA 20 Years After, compare the historical ownership map in Who Owns Philippine Power, then trace physical inputs and uses in the Energy Flows explorer.
Who is solvent, who is underwater
Net worth is what the public actually owns in each corporation — assets minus liabilities. In the latest year, TransCo’s transmission assets (₱156B) hold up the sector’s books, while PSALM’s liabilities exceed its assets. NPC, NEA and PNOC are small and solvent.
The public’s stake over two decades
Each line is a government corporation’s net worth through time. NPC plunges deep below zero before EPIRA, then resets as a small shell. PSALM swings from a trillion in liabilities to brief solvency and back underwater. TransCo climbs steadily — the one durable public asset.
Is the public getting a return?
Return on net worth measures earnings against the equity the state holds. The picture is thin and erratic: TransCo earns a steady but modest return; PSALM’s swings wildly with its debt; NPC and NEA hover near zero. Green is positive, red is a loss on the public’s stake.
The full balance sheet
Every GOCC’s assets, liabilities and net worth by year (₱ billion). Filter by corporation; click a column to sort.
Download the complete supplied ledger. One row per GOCC and fiscal year, including reported gaps.
| GOCC ▲▼ | Year ▲▼ | Assets ▲▼ | Liabilities ▲▼ | Net worth ▲▼ |
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