Department of Finance Secretary Benjamin Diokno stated that the government intends to sell more assets through privatization this year in order to increase income and address budget restrictions, with the goal of selling P1.5 billion in assets through the Privatization and Management Office (PMO).
During a press conference, no list of assets is provided, although the majority of the assets for disposition are real estate properties and mining rights, with the Mine Long property and the Basay mine mentioned.
Furthermore, following the successful bidding of the 165 MW Casecnan hydroelectric facility in Nueva Ecija, the government intends to privatize other sites.
Diokno said that Fresh River Lakes Corp., a subsidiary of First Gen Corporation, won the contract with a bid of $526 million (P29.6 billion), which would still be subjected to a post-qualification process to ensure the accuracy and authenticity of the provided eligibility documents.
According to him, privatizing Casecnan will ensure that the sector remains competitive, lowering energy prices.
Meanwhile, Undersecretary of Finance Catherine Fong of the Privatization and Corporate Affairs Group stated that the government could exceed the P1.5 billion objective.
Fong plans to more than triple the P1.5 billion generated through the privatization of idle assets last year.
She explained that the government still possesses various assets, some of which came from defunct institutions.
Aside from the Basay mine, the government is considering auctioning off other mining rights, including nickel and copper mines, pending clearance because some of these assets are in litigation.
Fong also highlighted that the government is in discussions with international organizations about best practices for auctioning off mining licenses in a more responsible manner.
When questioned about the privatization of PAGCOR, she stated that the government's "policy is to separate regulatory powers from proprietary powers."
She said that it is already planned; however, no timetable has been established.
