Philippine Finance Minister Ralph G. Recto announced a significant plan: the government will sell some state-owned assets, including land, residential, and commercial properties, totaling over 28,000 small assets through public auction. This move aims to increase government revenue and optimize the management costs of non-performing assets.
Deputy Finance Minister Catherine L. Fong further explained that the auction is open to all Filipino citizens, including Overseas Filipino Workers (OFW). She emphasized, "Whether ordinary citizens or informal settlers, as long as they are interested, they can participate in the bidding."
Catherine L. Fong noted that managing these dispersed small assets has consumed a lot of resources, and auctioning them not only helps reduce maintenance costs but also generates revenue through asset liquidation. She also revealed that, in addition to assets directly managed by the government, some state-owned institutions, such as the Landbank, also plan to dispose of some repossessed assets. "Some assets are too small to be economically held, so we hope to release them through auction," she added.
Regarding the specific method of the auction, Catherine L. Fong stated that the government plans to publish the asset list online to ensure that anyone can bid fairly. She also mentioned that these assets are mainly located in various provinces, aiming to help more local residents achieve stable and happy living conditions.
It is worth noting that "Star City" in Pasay City is listed as one of the key assets in this auction. Built in 1991, Star City is part of the Philippine International Trade and Exhibition Center (PhilCite) and was famous for hosting the annual Toy and Gift Expo. However, in recent years, due to poor management, the project has been regarded as a non-performing asset by the government, with an estimated value of 15 billion pesos.
According to a report by the Ministry of Finance on December 29, 2024, the government generated a total of 4.4 billion pesos from the sale and lease of state-owned assets that year, bringing non-tax revenue to a record 553 billion pesos. This new round of auctions is expected to further boost government revenue growth and enhance asset utilization efficiency.
Philippine government: to auction off plundered "POGO" properties, assets, etc.
Comments0
Are these confiscations legal?
Indeed, it's the Philippines, impressive.
Are you seizing other people's property to auction it off? Then seizing and auctioning again in an endless loop to increase revenue?
Did Xiaofei go crazy because of poverty?
Awesome
Still have the nerve to auction off
Bandit
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