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Manila Bulletin devider Business devider Government misses 2024 privatization target by billions, despite increase

Government misses 2024 privatization target by billions, despite increase

Published Mar 5, 2025 08:16 am

Revenues raised from privatization activities increased to ₱3.3 billion in 2024 even as the amount was merely less than a tenth of the goal for the year.

The latest Bureau of the Treasury data released last week showed that last year's privatization proceeds grew 280 percent from ₱865.5 million in 2023.

However, privatization revenues last year were way below the ₱42.1-billion target.

This year, the government targets an even more ambitious privatization revenue of over ₱101 billion.

Manila Bulletin last week asked Department of Finance (DOF) Undersecretary Catherine Fong, who heads the privatization and partnerships group, if the 2025 program is achievable; however, she did not reply.

Last year's privatization revenues were the highest since the ₱15.7 billion generated in 2018.

All of the revenues from privatization activities last year were remitted by the DOF-attached Privatization and Management Office (PMO).

PMO raised ₱490 million from sales, ₱130 million from lease rental, ₱1 million from interest income, and the largest chunk of ₱2.7 billion from other privatization-related income.

The Presidential Commission on Good Government (PCGG)—tasked to recover and sell assets from ill-gotten wealth of dictator Ferdinand E. Marcos Sr., his family, and cronies—has not added any privatization revenues since the about ₱900,000 in May 2023.

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, and condominium units at Atrium in Makati.

The new 41-page guidelines on the privatization and disposition of government assets were published on the DOF's website last week, signed by Finance Secretary Ralph Recto, Budget Secretary Amenah Pangandaman, Trade Secretary Cristina Roque, Justice Secretary Jesus Crispin Remulla, and National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan.

The five Cabinet officials comprise the interagency Privatization Council.

(With Derco Rosal)

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