Marketing woes, red tape stall DOF's P40-B privatization goal

The Department of Finance (DOF) is having difficulties in disposing of the state’s assets, raising zero out of the P40billion target as of the first half of the year, amid poor marketing plan and bureaucratic red tape.

- LOUISE MAUREEN SIMEON

In an interview with The STAR, Finance Undersecretary Catherine Fong said the DOF-attached agency Privatization and Management Office (PMO) has been slow in the process of selling state assets.

“We keep on approving assets for auction but we in the PrC (Privatization Council) are frustrated since the majority are failed biddings. PMO is really slow,” Fong said.

“The problem is how PMO advertises, they don’t have a marketing plan. Most of their lawyers have no idea how to sell anything,” she said.

PMO has around 28,000 real estate titles in varying sizes as part of the disposition plan. The government also has shares in tollways, mining and in other state and private corporations.