Unsolicited bids for idle assets boost priva effort

The government remains confident in achieving its P101-billion revenue target for 2025, following new guidelines that paved the way for the first-ever unsolicited bid for an idle asset, according to the Department of Finance (DOF).

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"We received our first unsolicited offer last Monday," DOF Undersecretary Catherine L. Fong told reporters on Thursday, April 3.

Fong, who heads the DOF's privatization and partnerships group, disclosed that this unsolicited offer was made for a property in Cabanatuan City, Nueva Ecija.

The DOF-attached Privatization and Management Office (PMO) is selling an 8,288-square meter (sqm) lot in Brgy. Magsaysay Norte, Cabanatuan City, at a base price of a little over P58 million. This is part of a total of 34 lots valued at P358.2 million available for negotiated sale.

The PMO is eyeing to dispose of up to 51 lots this month, with a combined base price of P603.5 million. It is offering 17 of these idle properties, worth P245.3 million, through public auctions on an "as-is, where-is" basis.