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Manila Bulletin devider Business devider DOF: Mile Long, idle gov't assets expected to draw private developers

DOF: Mile Long, idle gov't assets expected to draw private developers

Published Mar 10, 2025 07:22 am

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With new privatization guidelines taking effect on Tuesday, March 11, the Department of Finance (DOF) expects private-sector interest in idle properties like the Mile Long lot in Makati City to raise additional government revenues.

“There are parties who have expressed interest to submit offers” to acquire “all” idle government assets, including the 2.2-hectare Mile Long property, Finance Undersecretary Catherine Fong told Manila Bulletin last week.

Fong said the Privatization Council (PrC) is “waiting to see if we get offers once the privatization guidelines are effective.”

As of now, Fong said she remains uncertain about the unsolicited offers they may receive.

To recall, Fong told Manila Bulletin last year that at least three developers are interested in the prime Mile Long lot. The three developers are GT Capital Holdings Inc. of the Ty family, Ayala Land Inc., and Sunvar Realty Development.

Fong had said GT Capital plans to develop Mile Long into a major project, including building the country’s second Mitsukoshi mall after Bonifacio Global City (BGC), given its proximity to Makati’s well-known “Little Tokyo” district.

In 2017, the Duterte administration took control of Mile Long after suing Sunvar, claiming its lease contract had already expired in 2002.

Privatization revenues surged 280 percent to ₱3.3 billion last year from ₱865.5 million in 2023, according to the latest report of the Bureau of the Treasury (BTr).

Aside from this massive hike, privatization revenues were also the highest in six years.

However, the total privatization collections fell significantly short of the ₱42.1-billion target.

This year, the government aims for an even higher privatization revenue of over ₱101 billion.

The DOF published the new 41-page guidelines on the privatization and disposition of government assets in February. It was signed by DOF Secretary Ralph Recto and four other Cabinet officials who make up the interagency PrC.

In January, Fong said that the new privatization guidelines would also allow unsolicited offers on over 28,000 small assets, primarily targeting Filipinos—including overseas Filipino workers (OFWs).

Filipinos, both at home and abroad, may now be able to acquire government properties as small as a 200-square-meter lot.

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Catherine Fong Department of Finance (DOF)
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