DOF sets auction of 13 Mindanao properties

MANILA, Philippines — The privatization arm of the Department of Finance (DOF) is set to sell 13 state properties in Mindanao for a total minimum bid amount of P10.27 million in the second quarter.

In a bid bulletin posted on its website, the Privatization and Management Office (PMO) said it intends to sell through public auction the properties which have a total land area of 20,769 square meters.

Twelve out of the 13 properties which will be bid out in “as-is, where-is” basis, are located in General Santos City, while the remaining lot can be found in Polomolok, South Cotabato.

The PMO said interested buyers must pay the participation fee and acquire the bidding package, which includes the authenticated Asset Specific Bidding Rules (ASBR) and the Asset Specific Catalogue, until April 13.

Parties who have been issued the bidding package may conduct a due diligence audit on the relevant lots starting March 26 until April 19.

A pre-bidding conference will be held on April 10, while the submission of bids will take place from 9 a.m. to 10 a.m. on April 20.

According to the privatization office, bidders must comply with the requirements provided in the ASBR, and will be required to submit a bid deposit equivalent to at least 10 percent of the bid price indicated in the ASBR.

The PMO said it would evaluate the highest qualified financial bid, subject to the approval of the Privatization Council prior to any awarding.

After the successful privatization of state assets, the PMO is required to remit all receipts from the sale of the properties to the Bureau of the Treasury, expect portions for reimbursable custodianship or operational expenses.

Latest data from the PMO showed it remitted P17.4 million in dividends to the national government last January, which came from the agency’s income covering December 2017.

PMO chief privatization officer Gerard Chan said P11.29 million of the total remitted amount in January came from the sale of government properties and other assets.

Another P6.09 million came from lease rentals, while the remaining P17,568 was from Comprehensive Agrarian Reform Program receivables.

The PMO chief said P6.77 million of the total remitted amount would accrue to the Agrarian Reform Fund, while P10.63 million would go to the general fund of the government.