Full payment for the sale of a Puerto Galera property and the bid bond for the sale of Tagaytay and Makati Sports Club Share Inc. kept income flowing for the Presidential Commission on Good Government (PCGG) as of end-November 2025, contributing to higher year-on-year November privatization revenues, Manila Bulletin has learned.

According to the latest data from the Bureau of the Treasury (BTr), the government earned ₱21 million from the privatization of idle assets in November last year, higher than the ₱18 million recorded during the same month in 2024.

During October and November 2025, the PCGG collected a total of ₱9.9 million, sharply higher than the zero collections recorded during the same two-month period in 2024. The PCGG is the government body tasked with recovering ill-gotten wealth of the late strongman Ferdinand E. Marcos Sr., his family, and cronies, both in the Philippines and overseas.

In particular, the Puerto Galera property was fully settled in November, with total payments reaching ₱4.9 million, the PCGG told Manila Bulletin on Thursday, Jan. 8.

A 10-percent bid bond for the sale of Tagaytay and Makati Sports Club Share Inc., amounting to ₱2.1 million, was also secured by the PCGG in October. Adding to the inflows was the agency’s rental income from the government’s Tacloban property worth ₱2.8 million.

Additionally, the PCGG remitted more than ₱210,000 to the BTr, covering rental income from Bacolod Real Estate Development Corp. (BREDCO) for full-year 2024 and up to end-October 2025.

From January to November last year, the PCGG remitted a total of ₱777 million in privatization proceeds.

To recall, Manila Bulletin reported that a successful compromise agreement—a process initiated during the previous administration—added ₱714 million to national coffers in May 2025, coming from the current owner of a Monet painting that had been sold overseas and formed part of the Marcoses’ ill-gotten wealth.

“This amount represents the proceeds of a compromise agreement entered into by the Republic of the Philippines with the current possessor of Claude Monet’s ‘Water-Lily Pond’ (Le Bassin aux Nymphéas),” the PCGG had clarified to Manila Bulletin. “We would like to clarify that the painting was neither sold nor offered for sale this year.”

Manila Bulletin earlier reported on the rare ₱714-million PCGG remittance to the BTr, which the Department of Finance (DOF) had attributed to the “sale” of a Monet painting.

Prior to May last year, the PCGG had not remitted any privatization revenues since about ₱900,000 was turned over in May 2023 from the sale of a 300-square-meter (sqm) property in Calapan, Oriental Mindoro.

According to news reports in 2013, the Philippine government had maintained its legal claim to “Le Bassin aux Nymphéas.” This Monet painting, once part of the Marcoses’ collection of Impressionist art, was reportedly sold in London in 2010 for $43 million by Vilma Bautista, former social secretary to former first lady Imelda R. Marcos, the mother of President Ferdinand R. Marcos Jr.

In 2019, the Duterte administration sought $30 million from British billionaire Alan Howard in exchange for dropping a lawsuit over his 2010 purchase of “Le Bassin aux Nymphéas,” which is said to be one of the most expensive paintings owned by Imelda.

“Given that the Republic’s claim over the artwork was considered time-barred, the PCGG pursued the most advantageous outcome possible through a compromise,” the PCGG had told Manila Bulletin. “This resulted in the ₱714-million remittance to the national treasury, ensuring that the Republic still derived meaningful benefit from the asset.”

Meanwhile, privatization earnings as of end-November 2025, as reflected in the BTr’s latest cash operations report (COR), declined by 39.6 percent to ₱2 billion from ₱3.3 billion during the same period in 2024.

It bears recalling, however, that the Department of Finance (DOF) maintained that it had already breached its ₱5-billion privatization goal in 2025, as the Privatization and Management Office (PMO) had already collected more than ₱6 billion as of end-October.

DOF Assistant Secretary Michael Peter A. Alejandro earlier noted that the government’s privatization efforts include the ₱4.4-billion collection from MPCALA Holdings Inc. in August last year. MPCALA Holdings Inc., a subsidiary of the Manuel V. Pangilinan-led Metro Pacific Tollways Corp. (MPTC), is the private operator of Cavite-Laguna Expressway (CALAX).

Concession fees from CALAX accounted for a third of the total concession fees the private firm owes the government.

To match the 2024 full-year privatization collection of ₱3.3 billion, the government must secure an additional ₱1.3 billion before end-2025.

Under the national government’s (NG) quarterly fiscal program for 2025, ₱4.2 billion in privatization remittances—or the bulk of the full-year goal—was expected in the fourth quarter of the year.

To recall, the original target for the privatization of idle government assets under the 2025 revenue program was ₱101 billion. It was slashed to ₱50 billion in April last year and further reduced to just ₱5 billion by June 2025.

For 2026, the DOF is targeting to raise ₱193.7 billion from the privatization of big-ticket idle government assets, according to recent reports. In contrast, Development Budget Coordination Committee (DBCC) documents showed a goal of only ₱101 billion.