In order to generate revenue, has the Philippine government started to sell off land assets confiscated from POGO?
On January 22, Philippine Finance Minister Ralph G. Recto revealed significant news: the government will auction off some state-owned assets, mainly including land, residential, and commercial properties, totaling over 28,000 small assets.
Deputy Finance Minister Catherine L. Fong emphasized that the auction is open to all Filipinos, including overseas Filipino workers (OFW). She stated, "Anyone interested, including informal settlers, can bid to purchase."
Catherine L. Fong mentioned that the auction aims to increase revenue and reduce the costs of maintaining non-performing assets. She explained that managing these small-scale properties is too resource-intensive for the government, and it would be more efficient to reduce holdings through auctions to generate revenue.
Additionally, Catherine L. Fong revealed that besides government assets, other state-owned institutions are also interested in auctioning assets, such as the state-owned Landbank. She said, "They hope to dispose of the reclaimed assets because many of them are too small."
Regarding the specific auction process, Catherine L. Fong explained, "Our idea is to post the asset list online, and anyone can bid."
Furthermore, when asked about specific assets, Catherine L. Fong said, "Most of these assets are located in various provinces, and our goal is to enable Filipinos everywhere to own property and settle down."
She also mentioned Star City in Pasay City, indicating it as one of the main assets in this auction. It is known that Star City, established in 1991, is a branch of the annual toy and gift expo at the Philippine International Trade and Exhibition Center (PhilCite). However, it has been underperforming in recent years, thus considered a non-performing asset by the government, previously valued at 15 billion pesos.
On December 29, 2024, the Finance Department reported that they generated 4.4 billion pesos through the sale and lease of government assets, bringing their non-tax revenue for 2024 to a record 553 billion pesos.
Meanwhile, some netizens have shifted their focus, raising a question: Previously, in the crackdown on POGO and foreigners illegally owning land, the government confiscated many illegal assets, such as the farm owned by Guo Huaping, which was rumored to have been confiscated.
Will this auction involve those confiscated assets?
