Department of Energy
April 2010 - June 2010

Jose C. Ibazeta was appointed President and CEO of the Power Sector Assets and Liabilities Management (PSALM) Corporation by President Gloria Macapagal Arroyo in March 2007, and took his oath as Acting Secretary of the Department of Energy on 31 March 2010. Prior to these positions, he was designated Ambassador to Iraq and Special Envoy to the Middle East in-charge of Humanitarian and Reconstruction Efforts in Iraq from 2003 to 2005.

Under Mr. Ibazeta's stewardship, the privatization program of PSALM was accelerated. PSALM successfully bid out 34 power facilities that included five (5) IPPs and five (5) decommissioned plants as of December 2009. Among PSALM's achievements, noteworthy is the fact that twenty-two (22) of these power assets were privatized, through transparent and objective public bidding exercises, under Mr. Ibazeta's leadership. The proceeds from the successful sale of these assets were used to settle the outstanding debts of the National Power Corporation (NPC). Mr. Ibazeta likewise steered the successful implementation of PSALM's Liability Management Program. PSALM conducted successful fundraising activities through global bond offerings to finance IPP obligations and debt servicing requirements. PSALM's USD1 billion debut bond offering in the international credit market in May 2009 was acclaimed as "Best New Bond" in the annual Triple A Regional Awards conducted by the prestigious The Asset Magazine. PSALM was also named "Best Issuer" in the public sector for successfully completing its two bond offering transactions in May and November 2009. The November deal consisted of a new cash offering and a bond exchange offer that are intended to efficiently manage the government's power sector liabilities. The third award given to PSALM was for "Best Privatization" of the National Transmission Corporation (TRANSCO).

Mr. Ibazeta has a BS Economics degree from the Ateneo de Manila University as well as a Master's Degree in Business Administration from the University of San Francisco and an MBA in Banking and Finance from the New York University. He was president of A Soriano Corporation from 1990-1998, then served as a director and consultant to the chairman. He was director and treasurer of the International Container Terminal Services, Inc (ICTSI) as well as director of ICTSI Ltd, Anscor Consolidated Corporation, Anscor Property Holdings, Anscor-Casto Travel Corporation, Atlas Consolidated Mining and Development Company, Inc, Island Aviation, Inc, Multi-Media Telephony, Inc, Vesper Industrial and Development Corporation, A Soriano Air Corporation, Phelps Dodge International Philippines, Inc, Seven Seas Resorts and Leisure, Inc, and Phelps Dodge Philippine Energy Products Corporation.

Mr. Ibazeta is a member of the Finance Committee of the Ateneo de Manila University, as well as a member of the Board of Trustees of Radio Veritas.