DOF cuts privatization goal to P50 B

The Department of Finance (DOF) has cut by half its privatization goal this year to P50 billion as part of efforts to generate revenues and widen the limited fiscal space without raising new taxes.

- By LOUISE MAUREEN SIMEON

In his speech during the China Banking Corp. economic briefing late Monday evening, Finance Secretary Ralph Recto said the government is putting idle public assets to productive use as part of its strategic approach to revenue generation.

"This year, we target to raise about P50 billion in privatization proceeds to fund priority programs — not by taxing our people more, but by inviting you to do what you do best: to innovate, create and operate," Recto said.

The amount is about 50 percent lower than the original target of P101.02 billion under this year's revenue program.