By Chino S. Leyco
The Privatization Management Office (PMO) remitted record contributions to the Bureau of the Treasury, surpassing its target for last year, owing to strong revenues from the sale of several government assets.
In a statement, the Department of Finance (DOF) reported yesterday that PMO remitted P1.8 billion to the state coffers in 2018, higher than its P659 million target by 173 percent.
A report to Finance Secretary Carlos G. Dominguez III also showed that under the 2018 National Expenditure Program (NEP), the PMO is expected to collect a total of P732 million for the year, but collected a total of P1.957 billion, exceeding its target by 167 percent.
Last year’s collection and remittance were the highest since 2014, when the PMO collected P42.97 million and remitted P412.67 million. In 2015, the PMO collected P78.88 million and remitted P108.52 million. It collected P302.03 million and remitted P897.47 million in 2016.
The PMO’s remittance for 2018 was 215 percent more than the amount of P571.87 million it remitted in 2017, while its collection was 235 percent more than 2017’s P584.76 million.
Of its 2018 total collections, P154.92 million was retained by the PMO to serve as its revolving fund for the payment of costs and expenses incurred by the office in undertaking its task of conserving, and disposing of, government assets as allowed under the law.
The PMO, which is under the supervision of Finance Undersecretary Karen Singson, collected P1.36 billion in 2018 from the privatization of state assets, another P131.33 million from leases, and P465,86 million more from other activities, such as collections from cash dividends and outstanding obligations.
Chief Privatization Officer Gerard Chan reported that the bulk of the PMO’s collections from privatization came from the sale of real estate in Makati City and the province of Batangas, amounting to P1.272 billion combined.