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The Department of Finance main office in Manila. (Photo: Team Vega via Wikimedia Commons)

Government sees P98M from PMO sales

The government expects to raise some P98.32 million-worth of state-owned assets in the first quarter of 2018, according to the Privatization Management Office (PMO) of the Department of Finance (DOF).

PMO Chief Privatization Officer Gerard Chan said these government-owned assets cover 63 lots in Luzon and Mindanao and a membership share at a golf and country club.

These include 35 parcels of land in Quezon City and the provinces of Laguna, Camarines Norte and Quezon under the name of the Peninsula Development Bank with a floor price of P26.948 million; four residential and commercial lots of the Selectra Electronics Corp. in Tanay, Rizal, P16.018 million; and two residential lots of the Delta Motors Corp. in Paranaque City, P6.142 million.

According to the PMO, these were scheduled for bidding last month.

The remaining assets set for bidding this month include two lots under the name of the Retired Servicemen Enterprises Inc. with a floor price of P2.509 million, seven parcels of land in Bulacan, Quezon City, Tagaytay, and Marikina under the Development Bank of Rizal with a combined value of P35.237 million will also be put on the auction block, Chan said.

Thirteen residential and agricultural parcels of land in General Santos City under the name of the Al-Amanah Islamic Investment Bank of the Philippines with a total floor price of P10.271 million and a membership share worth P1.2 million at the Canlubang Golf and Country Club under the name of Merchants Investment Corp. will also be sold in March this year, Chan said.

As of the first nine months of 2017, the disposition of state properties for privatization along with cash dividends and other forms of revenue raised from still unsold government assets generated a total of P554.442 million.

The PMO remitted a total of P554,442,101.69 to the Bureau of Treasury (BTr) as of Sept. 30, 2017 exclusive of authorized retention amounts of P22.8 million.

It turned over to the BTr Landbank Cheque No. 149416 dated Oct. 19, 2017 for the amount of P289,485,684.91.

This is the biggest amount remitted so far by PMO from its January-September 2017 collection, which came from the sale of shares in Asean Finance Corporation and special cash dividend from Semirara Mining Corporation.

Aside from the proceeds from this sale, PMO remittances for the January-September 2017 period also came from the proceeds of lease, CARP-covered landholdings, interest income and other disposition.

Total PMO remittances to the government reached P286.4 million in July-December 2016 period, or the first six months of the Duterte administration.

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