Over 28,000 gov’t assets up for privatization — DOF

There are over 28,000 non-performing assets of the Philippine government that have been transferred to the Privatization Management Office (PMO) for privatization to boost the administration’s government streams, the Department of Finance (DOF) said Sunday.

According to the DOF, there are currently 28,665 non-performing assets that have been transferred to the PMO, its attached office which acts as the marketing arm of the government with respect to transferred assets, government corporations, and other properties assigned by the Privatization Council (PrC).

The PrC, meanwhile, directs, supervises, and coordinates all privatization and similar disposition efforts. It is chaired by the DOF Secretary, and counts as members the Secretaries of the Department of Budget and Management (DBM), Trade and Industry (DTI), the National Economic and Development Authority (NEDA), and the Department of Justice (DOJ).

It also counts as non-voting members the National Treasurer, and the chairman of the Presidential Commission on Good Government (PCGG).

“The assets we are privatizing are no longer productive and continue to drain the national government’s resources through management, security, and maintenance costs,” Finance Secretary Ralph Recto said in an emailed statement.

“By disposing of these non-performing assets, we eliminate unnecessary expenditures and unlock resources that can address the pressing needs of our people. This approach ensures the efficient use of public funds,” he added.

The DOF said that should the assets remain under the government, the administration will have to use funds that could have aided national development for their management, security, and maintenance.

According to the DOF, the PrC sets the minimum base price of each asset, typically at the fair market value (FMV) as assessed by third-party valuation or appraisals.
—RF, GMA Integrated News