Marcos returns Mile-Long Property management to DOF privatization office

MANILA, Philippines — President Ferdinand Marcos Jr. has signed Administrative Order No. 50, transferring the management of Mile-Long Property back to the Privatization and Management Office (PMO) to facilitate its disposition and maximize its value.

The PMO is an attached agency of the Department of Finance (DOF) that acts as the government’s marketing and disposition arm for state-owned or non-performing assets.

READ: Palace warns against cover-up in alleged ghost projects probe

Article continues after this advertisement

Located in Makati’s central business district, the 22,924-square-meter property was transferred to the Bases Conversion and Development Authority under Administrative Order No. 21, issued in 2020. It is registered under the national government.

FEATURED STORIES

NEWSINFO

NEWSINFO

NEWSINFO

The newly signed order reverted its administration and management to the PMO “as part of the government’s efforts to optimize the utilization of public assets, enhance fiscal space, and support priority development programs.”

Under AO 50, the Department of Budget and Management was directed to study and propose measures to ensure that proceeds from the property’s disposition will fund priority government programs.

It also said the PMO will seek the approval of the Privatization Council before proceeding with the property’s disposition. /jpv