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MANILA – The Privatization and Management Office (PMO) has remitted Php1.210 billion to the Bureau of the Treasury, the Department of Finance (DOF) said.
The amount exceeded the target by 84.6 percent and also surpassed the performance from 2018 to 2021, DOF data showed.
"Their target is PHP500 million only. They're very conservative that is why from 2018 to 2021, it's just PHP500 million," Finance Secretary Benjamin Diokno said over the weekend.
"[The increase] was driven by strong privatization push. Because it's difficult to hire security to guard [the properties]. So might as well dispose [of] them," he added.
The DOF noted that privatization plays a key role in funding the needs of the national government spending programs.
It added that given the administration's strong pipeline of programs and projects to implement, the funds generated through the expedited privatization efforts are crucial to achieving the government's goals. (PNA)
