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Manila Bulletin devider Business devider Government unveils mega privatization plan for 2025

Government unveils mega privatization plan for 2025

Published Jul 30, 2024 01:34 am

The Marcos administration is poised to launch the largest privatization program in history next year.

Based on the Budget of Expenditures and Sources of Financing (BESF) presented to Congress on Monday, July 29, President Marcos aims to raise P101.01 billion in revenues through the sale of government assets in 2025.

Next year’s privatization target is more than double the goal of P42.12 billion set for this year.

If achieved, the 2025 privatization effort will be the largest in Philippine history, surpassing the current record of P90.62 billion proceeds generated in 2007, data from the Bureau of the Treasury showed.

To recall, the government stakes in Philippine National Oil Co. (PNOC) were sold for P62.17 billion in 2007, along with some assets held by the Presidential Commission on Good Government (PCGG) worth P25.27 billion.

The Arroyo administration holds the record for the largest revenue raised through the sale of government properties to date.

Apart from PNOC, the government also sold its share in Petron Corp. for P20.9 billion in 2008.

Based on the 2025 BESF, the Marcos administration aims to generate a record P145.6 billion from the sale of government assets from 2024 to 2027.

In March, Finance Secretary Ralph Recto announced plans to raise P100 billion from government assets to help cover the budget deficit and reduce debt.

Last June, Finance Undersecretary Catherine L. Fong also said that the DOF was considering selling the government's stake in the South Luzon Expressway (SLEX) by the end of this year. 

The Bases Conversion and Development Authority was also looking to sell its 50 percent stake in the Subic-Clark-Tarlac Expressway (SCTEx) for P20 billion.

Aside from tollway assets, Fong added that the DOF was planning to sell the 2.2-hectare Mile Long property in Makati. 

Recto had also suggested selling the land where the Ninoy Aquino International Airport (NAIA) is located in Parañaque City.

Recto estimated that selling the 600-hectare NAIA property could generate around P6 trillion in privatization proceeds for the government.

The finance chief earlier said that President Marcos may avoid new taxes until the administration ends in 2028.

Instead of introducing new taxes, Recto said the government's priority will be to enhance the efficiency of tax and non-tax revenue collection.

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Department of Finance (DOF) Marcos privatization program
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