terong50 @ ltdtoto999 pcx56 More assets for sale to shore up revenues

THE national government intends to sell more of its assets to shore up revenues next year, especially after the recent approval of the guidelines on the Privatization and Disposition of Government Assets by the Privatization Council (PrC), according to the Department of Finance (DOF).

The DOF said the PrC is the policy-making body mandated to oversee the government’s privatization program. The new guidelines institutionalize the PrC policies and decisions over the years.

These guidelines for both the public and private sectors, the Finance Department said, will be crucial in ensuring that the process, rules, and regulations are clear and transparent.

“More privatization of public assets is underway with the approval of the guidelines on the PrC in September,” the DOF said in a statement over the weekend.

Privatization has already helped shore up revenues this year as the DOF said it collected P4.44 billion from the Privatization Management Office’s (PMO) disposition efforts as of the end of December 2024. This is more than double or 129 percent higher than the same period last year.

DOF said one of the notable sales included the disposition of the government’s shares in the North Luzon Expressway (NLEX) Corporation, which amounted to approximately P2.9 billion.

The government also generated P30 billion from the upfront payment from Public-Private Partnership (PPP) Solicited Proposal for the Rehabilitation of the Ninoy Aquino International Airport (Naia).

The Finance Department said the upfront payment was made by the SMC-SAP & Company Consortium after the signing of the Concession Agreement.

The government is expected to generate roughly P900 billion in revenues from this deal over the entire term, which is a 15-year concession period, extendable by another 10 years.

“We need to raise more funds to meet the growing needs of our people. On top of tax collections, the non-tax revenue sources help us marshall additional resources to equip the government in delivering more and better services in critical areas like healthcare, education, food security, social protection, and national security,” Finance Secretary Ralph G. Recto said.

As of the end of November 2024, non-tax revenue collections reached P555.3 billion, a remarkable 45.6 percent increase from the same period last year.