Unlocking value: P152.8 million government-owned properties up for sale

The Privatization Council has approved the sale of six government-owned properties valued at P152.8 million ($3.2 million), according to Finance Secretary Benjamin Diokno.

In a briefing with reporters, Diokno said the disposal of these non-performing assets is expected to generate much-needed revenues for priority projects.

Additionally, the move will help streamline the national government’s asset portfolio by eliminating stagnant assets.

The properties slated for sale include three lots in Davao City, collectively valued at P50.34 million, which are owned by Al-Amanah Islamic Investment Bank of the Philippines.

A lot in Pasay valued at P1.92 million, currently owned by the Central Bank – Board of Liquidators, and two lots in Visayas, valued at P50.41 million and P50.2 million respectively, under the ownership of the Technology Resource Center, will also be put up for sale.

Diokno clarified that the provided fair market values represent the base prices and exclude applicable taxes and a 10 percent administration fee charged by the Privatization and Management Office, which will oversee the bidding process for these properties.

Highlighting the progress made under the current administration, Diokno revealed that the Privatization Council has already approved the final sale of P800 million from the initial P1.9 billion worth of assets earmarked for disposition, within the first six months of its term. This marks a substantial increase compared to the total sales of P664 million accumulated from 2019 to 2021.

The Privatization Council aims to privatize 137 properties with a cumulative value of P2.5 billion throughout the remainder of 2023.

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