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Manila Bulletin devider Business devider Gov't makes P1.2 B from state-owned property deals

Gov't makes P1.2 B from state-owned property deals

Published Dec 16, 2023 08:36 pm

At A Glance

  • Department of Finance's attached agency Privatization and Management Office remitted over P1.2 billion to the state coffers, exceeding the target by 84.6 percent.<br>In 2022, the PMO exceeded its target by 29.78 percent which translates to over P.845 billion in remittances to the treasury.<br>Sixty percent of the remittances shall be apportioned to the special account of the Agrarian Reform Fund while 40 percent shall go to the general fund.

The sale of and lease rentals from state-owned properties brought in P1.2 billion to the Bureau of the Treasury this year, according to a report by the Department of Finance (DOF).

Data from the DOF showed that the Privatization and Management Office (PMO) exceeded its target this year by 84.6 percent and surpassed the past remittances between 2018 and 2021.

“Given the administration’s strong pipeline of programs and projects that it aims to implement, the funds generated through the diligent and expedited privatization efforts are crucial to achieving our goals,” DOF said.

In 2022, the PMO exceeded its target by 29.78 percent which translates to over P845 million in remittances to the treasury, according to the agency’s data.

Executive Order No. 323 states that all receipts from the sale of assets shall be remitted to the Treasury, with 60 percent apportioned to the special account of the Agrarian Reform Fund and 40 percent to the general fund.

In the first quarter, the PMO approved the disposition of 31 properties worth P912.17 million through public auction.

For this year, PMO said it will dispose of at least 143 properties worth P2.5 billion and sell 57 properties worth P431.4 million in the fourth quarter.

Further, the agency also plans to dispose of the government’s 3.46 percent stake in NLEX Corp. which is still subject to third-party valuation.

Related Tags

Remittances Privatization and Management Office Department of Finance
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