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:
"SEC. 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."