This year, the government intends to sell more assets, according to the Department of Finance…
DOF plans to sell more government properties and mining rights.
This year, the government intends to sell more assets, according to the Department of Finance (DOF).
We sold assets for, I believe, PHP1.5 billion last year, and this year, according to Catherine Fong, undersecretary of finance for the privatization and corporate affairs group, we intend to sell much more.
According to Fong, they are mostly considering real estate properties.
“We want to roll out many of the remaining items faster under the Privatisation Management Office (PMO) ownership. Our goals are higher than they were last year. Without a doubt, twice that or much more,” Fong added.
She stated that their focus is just on PMO properties but added that many government assets still need to be sold.
According to Fong, the 2.2 hectare Mile Long property in Makati City will be put up for sale.
Then, she continued, “We’re hoping to sell some mining rights still owned by the government this year or next.”
Fong claimed that verifying the mine’s actual composition is preventing the government from auctioning off one of the mining licenses for the time being.
Numerous feasibility assessments are still desktop-based. We are therefore having the value done, although there are undoubtedly many interested people. She said there will undoubtedly be a lot of local and international interest once we’re ready to auction the mines. “We are currently receiving assistance from the German government, and we have also received offers from the US and Australian governments to assist us in determining the value of the mines and to help us package it for auction.
The government presently holds four mining rights, according to Fong.
According to what I understand, we have four pretty large properties, but three of them are currently the subject of legal disputes, so we aren’t yet ready to auction them off. However, Fong remarked, “We’re starting with the Basay Mine because it already has a clear title, though we’re still verifying its actual value.”
According to Fong, the government is considering seeking development partners for help on a potential joint venture in addition to simply auctioning off the Basay Mines.
“Some sharing agreement is the technical name for it in mining. We’re attempting to package it responsibly and seek advice on how to market it using current best practices in the mining sector, she said.
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