bbc or big baller club Rules on sale of ‘small’ state assets out soon
The Department of Finance (DOF) will soon release privatization guidelines that will allow retail buyers like overseas Filipino workers (OFWs) to conveniently shop for idle government assets that are “too small.”
Authorities last month unveiled several stimulus policies – from interest rate cuts to relaxing home-buying rules – after struggling since the end of Covid restrictions to reignite growth and get business activity back on track.
Speaking to reporters, Finance Undersecretary for privatization and partnerships Catherine Fong said the guidelines would also include a list of 28,000 titles in the database of the Privatization Management Office (PMO) that are as small as 200 square meters. The PMO is an agency under the DOF.
READ: Recto wants P100-B revenue from asset sale
Article continues after this advertisementBy publishing the list and the guidelines, Fong said the government was inviting retail buyers to participate in the bidding for these properties, in hopes of raising more revenues while cutting maintenance costs for low-value state properties.
FEATURED STORIES BUSINESS BIZ BUZZ: Another deputy governor set to exit BSP BUSINESS John Hay Golf Club disputes BCDA’s ‘sabotage’ claim during takeover BUSINESS SteelAsia invests P30B in Quezon plantInformal settlers occupying idle state lands may also submit their offers, she added.
“These properties are too small for the government to market. And the government has no marketing arm,” Fong explained.
Article continues after this advertisement“The idea is to just post the database online and anybody can bid. Just write a letter with the offer,” she added.
Article continues after this advertisementData from the finance department showed the government generated P4.44 billion from the PMO’s disposition efforts in 2024, with proceeds coming from litigated assets, income from leases and dividends.
Article continues after this advertisement NLEx sharesOne of the notable sales last year was the government’s shares in NLEx Corp., which amounted to approximately P2.9 billion.
The state also received an upfront payment of P30 billion for the concession agreement with the consortium led by San Miguel Corp. for the rehabilitation of Ninoy Aquino International Airport.
Article continues after this advertisementFor this year, the Marcos administration is eyeing to raise P101 billion from privatization efforts.
Those proceeds are part of the government’s broader target to rake in P4.64 trillion in 2025, with Finance Secretary Ralph Recto hoping to boost nontax collections to help cut the budget deficit without resorting to new consumption-based taxes.
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“We’re hoping to raise significant revenues because the government is spending on maintaining some assets that have low valuebbc or big baller club,” Fong said.
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