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Manila Bulletin devider Business devider Treasury's non-financial asset registry hits P1.9 T

Treasury's non-financial asset registry hits P1.9 T

Published Feb 21, 2022 01:48 pm

An estimated P1.9 trillion-worth of non-financial government properties, such as roads, hospitals, power plants, and irrigation facilities, have so far been covered by the Bureau of the Treasury in its National Asset Registry System (NARS) as of last year.

The Treasury said the new entries to the consolidated database of non-financial, strategically important state assets were 5,819 properties, mostly from the Department of Transportation’s (DOTr) attached agencies, with a combined value of P361 billion.

“We will continue to expand the coverage of the NARS to improve the oversight and management of non-financial public assets,” National Treasurer Rosalia De Leon said in her report to Finance Secretary Carlos G. Dominguez III.

As of Dec. 31, 2021, the P1.9-trillion worth of government properties on the NARS list covered a total asset count of 380,817 properties, she said.

These include roads, bridges, school buildings, power plants, towers, hospitals, and irrigation facilities, she added.

In 2017, the Treasury launched the NARS to maintain a reliable inventory of the national government’s (NG) non-financial assets and help in the monitoring, inspection and validation, and management of assets under custody by the government.

The Treasury continues to enhance the NARS to include more functionalities with the help of development partners such as the World Bank and the Japan International Corp. Agency (JICA).

Among the uses of the NARS data is to support the National Indemnity Insurance Program (NIIP).

The NIIP was one of the recommendations of the Interagency Committee (IAC) on Government Property Insurance composed of the Treasury, the Government Service Insurance System, the Department of Budget and Management, and the Insurance Commission.

The NIIP aims to provide adequate and comprehensive insurance protection to socio-economically important government assets against perils such as typhoons, floods, storm surges, earthquakes, and volcanic eruptions.

De Leon also reported to Dominguez that several acquired properties forfeited in favor of the government were endorsed to the Privatization and Management Office (PMO) for disposition.

Related Tags

National Asset Registry System NARS Bureau of the Treasury National Treasurer Rosalia V. De Leon
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