Politics · Philippines Bureau
Marcos transfers Mile-Long Property to PMO for privatization
President Ferdinand Marcos Jr. has signed an executive order returning management of the Mile-Long Property to the Privatization and Management Office. The move aims to expedite the government asset's sale and optimize its market value.
LSN Philippines ·
President Marcos signed Administrative Order No. 50 on Monday, reassigning control of the Mile-Long Property to the Privatization and Management Office (PMO), an attached agency of the Department of Finance. The directive is intended to streamline the disposition process and enhance the property's monetary returns for the government.
The PMO serves as the government's primary marketing and disposition arm, tasked with managing the sale and privatization of state-owned assets. By transferring the Mile-Long Property to the office's purview, officials aim to leverage the agency's expertise in asset valuation and buyer engagement.
The property, located in central Manila, has long been considered valuable real estate with significant development potential. The transfer signals the administration's intent to move forward with capitalizing on the asset as part of its broader asset management strategy.
The PMO's involvement is expected to accelerate the property's transition from government ownership to private sector development, potentially generating revenue for the national treasury while allowing more efficient use of the asset.