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Manila Bulletin devider Business devider Government aims to raise P42 billion through asset sales

Government aims to raise P42 billion through asset sales

Published May 31, 2024 07:47 am

The Marcos administration is looking to ramp up the sale of government assets this year, data from the Development Budget Coordination Committee (DBCC) revealed.

Based on the DBCC's quarter fiscal program approved last May 23, the national government expects to generate P42.12 billion in proceeds from its privatization program in 2024.

The projected proceeds from the sale of state-owned assets account for one-tenth of the government’s non-tax revenue target of P407.49 billion this year.

If achieved, the revenues from privatization will mark a substantial increase compared to the mere P865 million generated in 2023, data from the Bureau of the Treasury showed.

During the Arroyo administration, the government actively engaged in privatization, which included the sale of its stake in Petron Corp., the crown jewel in the oil industry in 2008.

Last March, Finance Secretary Ralph F. Recto revealed plans to raise P100 billion through the sale of government assets to help address the budget deficit and reduce debt under the Marcos administration.

“We want to hit a hundred billion,” Recto told reporters. “The idea is to plug the deficit. And to bring our debt-to-GDP (gross domestic product) ratio down, too.”

Instead of implementing new taxes, President Marcos is focusing on improving tax administration and asset sales to effectively manage the budget deficit.

Related Tags

Development Budget Coordination Committee (DBCC) Department of Finance (DOF) ralph recto Finance Secretary
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