Asset sale of abolished state firms to raise P22 billion  

MANILA, Philippines — The government expects to generate some P22 billion from the sale of assets of abolished state firms that could fund some of the administration’s projects.

The Governance Commission for GOCCs (GCG) is proposing an executive order (EO) for President Marcos’ signature to expedite the disposition of the assets of 31 government corporations that were ordered abolished.

“By finally disposing of the assets of these abolished corporations, we will also free up fiscal space that the government can use for more important projects,” GCG chairperson Alex Quiroz said.

“We expect to generate at least an initial P22 billion from these, some of which have been abolished for more or less 10 years now,” he said.

Quiroz emphasized that the move is in line with the government’s goal of streamlining the bureaucracy for greater efficiency.

According to the GCG, the lack of personnel and absence of a quorum in the governing boards of abolished GOCCs have posed problems in disposing of the assets.

While abolished corporations have not been operating for years, the government in effect still continues to allocate millions for asset preservation.

Thus, selling such assets will not only reduce spending for preservation but also generate revenues.

The GCG will submit to Marcos an EO instituting a mechanism to ensure effective and expeditious liquidation and winding down of abolished GOCCs.

Once the EO is signed, the GCG will be able to carry out an efficient and faster liquidation and dissolution of GOCCs.

As the central advisory, oversight and monitoring body for GOCCs, the GCG is mandated to evaluate the performance and determine the relevance of any state corporation.