Gov't eyes raising P194 billion from privatization of big-ticket assets

THE DEPARTMENT of Finance (DoF) is eyeing to raise P193.65 billion from the privatization of big-ticket government assets, including the Financial Center Area in Pasay City and Food Terminal, Inc. (FTI) property in Taguig City, by 2026.

- By Aubrey Rose A. Inosante Reporter

In a document sent to BusinessWorld, the Privatization and Management Office (PMO) outlined a pipeline of 11 major assets slated for disposal this year and in 2026.

Finance Undersecretary Catherine L. Fong said the department has a “solid plan” for privatization but expects challenges in implementing it.

“The reason I’m not confident is that even if there’s a willing buyer, every sale includes so many things we need to do or fix before a sale is actually concluded and it always takes time,” she said in a Viber message on Monday.

The 2026 pipeline includes the 129,548-square-meter (sq.m.) Financial Center Area in Pasay City which has an estimated value of P53.5 billion.

The sale of the FTI property in Taguig City is estimated to generate P40.4 billion.

Also, up for sale are the Ecology Villages I, II, and III in Makati City, collectively valued at P13.61 billion.

Ms. Fong earlier said the PMO is currently in the process of selling the Ecology Villages to the occupants but may take a while since they still need to determine the metes and bounds, subdivide titles and negotiate on the common areas.

The Mile Long Complex in Makati City, valued at P12.26 billion, is also scheduled for privatization next year.

The sale of the 210,000-sq.m.

National Housing Authority property in Tala, Caloocan is expected to generate P2.74 billion.

"Currently classified as PEZA (Philippine Economic Zone Authority) area occupied by various locators and under the management of Land Bank Resources and Development Corp. (LBRDC)," it said.