Privatization office raises P1.94 billion in 2023
THE Department of Finance (DoF) said its Privatization and Management Office (PMO) generated P1.94 billion last year, far exceeding its target.
The DoF reported that collections exceeded the target by 168%, while remittances to the Treasury of P1.88 billion surpassed the target by 187.9%.
Finance Undersecretary Catherine L. Fong has said that the PMO is working on revising the guidelines on the disposition of state assets to help meet aggressive targets this year.
The revised privatization guidelines are expected to be finalized within the month.
The department also said that Finance Secretary Ralph G. Recto has tasked the PMO to “ensure a proactive and effective approach towards optimizing resource utilization and maximizing returns.”
The PMO is currently working with the Philippine Amusement and Gaming Corp. (PAGCOR) in privatizing its gaming operations.
In a statement last week, PAGCOR Chairman and CEO Alejandro H. Tengco said he hopes to complete privatizing its operations over the next five years.
Last year, the gaming regulator announced its plan to become purely a regulator and dispose of its casinos. — Luisa Maria Jacinta C. Jocson