Gov't to sell P2.5-B idle state assets

The Department of Finance (DOF) said the Marcos administration will be aggressive in the privatization of idle state assets to raise additional revenues for the government. During the Chat with SBED briefing late Friday, June 2,  Finance Secretary Benjamin E. Diokno said the DOF Privatization Council is targeting to sell 137 properties this year, with a total value of P2.5 billion. “This aggressive disposition of non-performing assets will not only clear the National Government’s books of stagnant assets but will also provide additional much-needed revenue to fund priority projects in the Philippines,” Diokno said. Within the first six months of the Marcos administration, the Privatization Council approved the final sale of P800 million from the approved P1.9 billion worth of assets for disposition. In contrast, the total sales collected from the previous administration for the period of 2019 to 2021 amounted to P664 million. Last May 31, the Privatization Council approved the sale of six properties with a total value of P152.8 million. In August 2022, Diokno vowed that the Marcos administration will be aggressive in its privatization program and first on its list is the Philippine Amusement and Gaming Corp. (Pagcor). Diokno said the sale of Pagcor’s gaming assets is among the options being considered by the Marcos administration to raise additional revenues. “Pagcor’s new leadership will have to make know their plans moving forward. They should resolve the seemingly conflicting roles as an operator and regulator,” Diokno said. “The new leadership should consider the worthiness of their move appropriate to their role,” he added.