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Manila Bulletin devider Business devider Government cashes in: P3.28 billion from selling state-owned properties

Government cashes in: P3.28 billion from selling state-owned properties

Published Dec 27, 2024 07:35 am

Government revenues raised from privatization of idle assets jumped 359.1 percent to P3.28 billion during the first 11 months of 2024, the latest Bureau of the Treasury (BTr) data on Dec. 26, Thursday, showed.

End-November privatization proceeds not only exceeded the P715.02 million a year ago but also surpassed full-year revenues since 2019.

Cumulative eleven-month privatization revenues, however, accounted for only less than a tenth of the P42.12 billion that the Marcos Jr. administration wanted to raise this year.

In November alone, privatization added P18 million to the government's non-tax collections, although lower than the P24.2 million generated during the same month last year.

For 18 straight months up to November 2024, the Department of Finance (DOF)-attached Privatization and Management Office (PMO) contributed all privatization revenues.

In the first nine months, PMO raised P488 million from sales, P121 million from rentals, P1 million from interest income, as well as the biggest chunk of P2.67 billion from other privatization-related income.

Since it contributed about P900,000 to privatization proceeds in May 2023, the Presidential Commission on Good Government (PCGG) has yet to add some more revenues to national coffers.

The PCGG is tasked to recover and sell assets from ill-gotten wealth of the late President Ferdinand E. Marcos Sr., his family, as well as cronies.

For next year, the Cabinet-level Development Budget Coordination Committee (DBCC) aims to raise a record-high P101.01 billion from privatization.

To date, the biggest-ever annual privatization revenues were recorded back in 2007, amounting to P90.62 billion.

Among the idle government assets included in the DOF's near-term privatization pipeline are the 2.2-hectare Mile Long complex in Makati City, the Star City property in Pasay City, shares of stock in Semirara Mining Corp. and United Coconut Chemicals Inc., Elorde Sports and Tourism Development Corp. facilities, as well as condominium units at Atrium in Makati.

The government is aggressively seeking non-tax revenues, especially through privatization, as the Marcos Jr. administration had pledged to no longer slap new or higher taxes besides the pending tax reform measures left behind by the preceding Duterte administration.

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