Gov’t fast-tracks privatization of NP assets

The government is accelerating efforts to generate non-tax revenues by expediting the privatization of non-performing assets, according to the Department of Finance (DOF).

To streamline and speed up the process, the DOF has issued revised guidelines aimed at boosting revenue while creating investment opportunities for Filipinos.

“Privatization of non-performing assets is among the strategic moves to raise much-needed revenues to fund the growing needs of our people,” Finance Secretary Ralph Recto said.

He added that opening investment opportunities to ordinary Filipinos would allow them to participate in nation-building.

Finance Undersecretary Catherine Fong explained that the assets slated for privatization are those that neither generate economic activity nor provide government income but instead incur costs.

“We allocate budgetary support for the Privatization Management Office (PMO) for upkeep and pre-disposition activities, and instead of raising revenue and helping stimulate the economy, these assets are a burden,” Fong said.

The privatization initiative aligns with Executive Order 323, which created the inter-agency Privatization Council (PrC) and the PMO.

The PrC oversees national privatization efforts, while the PMO manages and disposes of assets belonging to government financial institutions and select government-owned or controlled corporations.