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October 01, 2022

Asset sale proceeds reaching hundreds of billions of pesos in its heyday now yield only a fraction of the amount

Asset sale proceeds that in the recent past generated hundreds of billions of pesos at one time benefited the nation’s coffers with just a fraction of the amount at present.

The Privatization Management Office (PMO) reported that in 2021 it sold state-owned properties worth only P320.95 million, a far cry from when the sale of government property entailed billions of pesos in proceeds.

Some of the more prominent formerly state-owned assets now privately owned include the Philippine National Bank (PNB) and the Philippine Airlines (PAL) now charting operational efficiencies that yield profits for their new owners.

According to the PMO, the continued disposition of state assets to buttress state finances at a time of socially disruptive pandemic yielded precious few for the effort, generating only P182.15 million in so-called other income last year.

Proceeds from lease rental of the various government properties yielded another P63.85 million and from dividend earnings from its holdings at Semirara Mining Corporation another P38 million.

Lease rental income contributed P83.65 million plus sales of another P17.14 million.

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