Over 28,000 Government Assets Set for Privatization — DOF

The Department of Finance (DOF) announced that over 28,000 non-performing assets of the Philippine government have been transferred to the Privatization Management Office (PMO) for disposal as part of efforts to bolster government revenues.

According to the DOF, a total of 28,665 assets have been turned over to the PMO, which serves as the government’s marketing arm for privatization initiatives. These include transferred assets, government corporations, and other properties designated by the Privatization Council (PrC).

Privatization Council’s Role

The PrC oversees and coordinates all privatization activities. It is chaired by the DOF Secretary and includes the heads of the Department of Budget and Management (DBM), Department of Trade and Industry (DTI), National Economic and Development Authority (NEDA), and Department of Justice (DOJ).

Non-voting members include the National Treasurer and the chairman of the Presidential Commission on Good Government (PCGG).

Cutting Costs and Unlocking Resources

“The assets we are privatizing are no longer productive and continue to drain the national government’s resources through management, security, and maintenance costs,” said Finance Secretary Ralph Recto in a statement.

Recto emphasized that disposing of non-performing assets would eliminate unnecessary expenditures and free up resources for programs that address the country’s most pressing needs.

“This approach ensures the efficient use of public funds,” he added.

Boosting National Development

The DOF explained that retaining these assets under government ownership would require funds for their upkeep, diverting resources away from national development.

To ensure fair valuation, the Privatization Council sets the minimum base price of each asset, typically determined by third-party valuations or appraisals.

By privatizing these assets, the government aims to not only cut costs but also redirect resources toward more productive and impactful projects.