President Bongbong Marcos is planning to sell a mixed bag of government assets to raise billions of pesos in seed money for the Maharlika Investment Fund.
Albay Rep. Joey Salceda gave a breakdown of the government assets for disposal and other state properties that could be swapped for shares in the MIF to augment the initial seed money for the President’s pet project.
Based on the MIF bill approved by House members Thursday, the sovereign wealth fund will be initially funded by the Land Bank of the Philippines (P50 billion), Development Bank of the Philippines (25 billion), Philippine Gaming and Amusement Corp. (10 percent of annual gaming revenues), and Bangko Sentral ng Pilipinas (100 percent of dividends).
Marcos administration has at least eight assets it could sell to raise up to P152 billion for the MIF:
* Basay Mining which has P102.8 billion in ore reserves;
* 24-hectare Food Terminal Inc. worth P22.1 billion;
*6.8-hectare Ecology Villages in Makati worth P12.5 billion;
* 23-hectare Mile Long complex in Makati worth P7.7 billion;
* 21-hectare Fil-Eastern Woods Industries in Quezon City worth P2.7 billion;
* Shares in Toll Management Corp. and North Luzon Expressway worth P2.5 billion;
* 21-hectare Tala Estate in Caloocan worth P1.04 billion; and
* 10.3-hectare Pioneer Glass Manufacturing in Cavite worth P489 million.
The self-described economist cited other government properties that the Marcos administration could monetize for the MIF:
* Pagcor’s 47 casinos;
* Ninoy Aquino International Airport’s 646-hectare property;
* Reclamation and development rights in Manila Bay;
* Assets of the Power Sector Assets and Liabilities Management Corporation (PSALM) specifically the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant and the Casecnan Multi-Purpose Project; and
* Stake in the Philippine National Construction Corp. (PNCC) and other toll roads.
