MANILA, Aug 7: A state-owned coal-fired power plant will be auctioned off for a second time after the previous winner failed to make a $228 million down payment, the Philippines government said on Monday.

The Power Sector Assets and Liabilities Management Corp (PSALM) said in a statement a date for the new auction of the Masinloc 600MW power plant had not been set but expressed hopes this sale would be successful.

"We have to make sure that favourable conditions are in place as we must have enough bidders to ensure that the government will get competitive offers," PSALM president Nieves Osorio said. YNN Pacific Consortium Inc submitted the highest bid of $561.74m for Masinloc, northwest of Manila, at an auction in Dec 2004.—AFP