DoF says Semirara mining shares among assets set for privatization

THE PHILIPPINE government is looking to sell its mining shares in Semirara Mining and Power Corp. by next year, an official from the Department of Finance (DoF) said on Wednesday.

“We’re still reviewing it but that’s up for privatization already,” Finance Undersecretary and Chief Economist Domini S. Velasquez told reporters on the sidelines of a forum.

“The timeline should be anytime soon. I think that’s being discussed. Should be within the next year,” she added.

The Philippine government has over 145 million worth of shares in Semirara.

To narrow its budget deficit, the government intends to generate revenues from privatizing its assets to lessen the need to impose new taxes. It plans to raise P42 billion and P101.02 billion in 2024 and 2025 from privatization.

“Part of what we’re doing in the government is to increase or beef up our nontax revenues, and this is through the sale of some of the idle assets that we do have in the government,” Ms. Velasquez told the forum.

“These idle assets not only will generate revenues for the government but will also increase the value of these assets that have been lying around in Metro Manila,” she added.

The government is also keen on privatizing its Star City property, which had a zonal value of P14 billion as of September last year.

It also seeks to privatize its shares of stock in United Coconut Chemicals, Inc., the Elorde Sports & Tourism Development Corp., and condominium units in Atrium, Makati City.

In a list sent to reporters, the government aims to privatize 19 assets next year. These include the Food Terminal, Inc. in Taguig City, the Financial Center Area in Pasay City, the Ecology Villages (I, II, III) and the Mile Long Complex in Makati City, its National Housing Authority property in Caloocan City, and the Pioneer Glass Manufacturing Corp. in Rosario, Cavite.

In Quezon City, three government assets are up for privatization: the Fil-Eastern Woods Industries, Inc., the Mindanao Progress Corp., and the Al-Almanah Islamic Investment Bank of the Philippines.

It also aims to dispose of assets in Central Bank-Board of Liquidators in Iloilo City, its Technology Resources Corp. offices in South Cotabato, Pampanga, Rizal, and Bataan, and Office of the Ombudsman properties in Baguio, Batangas, and Laguna.

The government also plans to privatize the Sta. Clara Lumber Co., Inc. in Davao del Norte, the Anti-Money Laundering Council office in Cavite, and the Peninsula Development Bank in Quezon Province.

Earlier this year, the government raised P3.3 billion after divesting its 3.46% stake in NLEX Corp.

The government aims to narrow its deficit to P1.48 trillion this year and P1.54 trillion next year. — Beatriz Marie D. Cruz