The government’s privatization program has received a significant boost with the issuance of new guidelines by the Privatization Council (PrC), expediting the disposition of non-performing public assets. Finance Secretary Ralph G. Recto said the guidelines will not only generate additional non-tax revenue but also offer investment opportunities for ordinary Filipinos.
“The privatization of non-performing assets is a key strategy to raise much-needed funds for government projects while providing citizens the chance to invest in these assets and contribute to nation-building,” Recto said.
Undersecretary Catherine L. Fong from the Department of Finance (DOF) explained that non-performing assets are a financial burden on the government, consuming budgetary resources without contributing to tax revenue or economic activity. But the revised guidelines are expected to make the privatization process more efficient and transparent, while allowing the private sector to propose unsolicited offers and alternative disposition methods.
The PrC, which oversees national privatization efforts, is empowered by the updated rules, effective 11 March 2025. This includes a more inclusive approach, enabling citizens to actively participate in acquiring assets, and the creation of an asset registry for better transparency.
The guidelines streamline the process from asset appraisal to contract signing, ensuring faster and more accessible transactions. The council is also focusing on establishing a fair market value for assets, allowing for clear terms and conditions to be set in publicly accessible platforms.
The initiative is seen as a vital part of the government’s plan to fund the national budget and engage the public in economic growth.
