Gov’t to sell real estate properties next year to raise P12.5B
Posted on August 23rd, 2009
Prime real estates in Metro Manila will be auctioned by the Department of Finance, as it sets its of raising P12.5 billion in privatization proceeds in 2010. Included in the list of these prime properties is the controversial “Payanig sa Pasig†property.
There is still no decision yet as to which of the various properties held by the Privatization Management Office and Presidential Commission on Good Government would be sold. Department secretary Margarito B. Teves said, “But the list of properties slated for sale next year possible includes the 18.5 hectares in Ortigas.†The resolution of opposing claims on the ownership of the property remains pending in court.
Other properties included in the list of those being considered were those in Welfareville in Mandaluyong City and a portion of the National Penitentiary area in Muntinlupa City. The target revenue from privatization next year is less than half of this year’s P30-billion goal.
Finance undersecretary Crisanta S. Legaspi said that the revenue target was reduced partly to avoid controversy as 2010 is an election year, in spite of the fact that there was really no legal prohibition to do so.
The original set target for the privatization revenue was only P2.5 billion. It was increased to by P10 billion due to the deficit program for 2010, which the Development Budget Coordination Committee has raised to P233 billion from the previous plan of P208 billion.
Legaspi said earlier that the plan for next year was to sell relatively small assents like those located in Metro Manila.
Although unconfirmed by him, the Privatization Management Office’s list of assets tagged for the auction block included parcels of commercial lands such as a 4.9 hectare developed property along Kalayaan Avenue and the 4,400-square meter parking lot of the Don Bosco church, both in Makati City.
