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By Likha C. Cuevas, Reporter
PHILIPPINE earnings from the sale
of state assets last year rose to their highest in five years,
according to the Department of Finance.
Based on initial data presented
to Fitch Ratings staff visiting the country, the government raked in
an estimated P4.3 billion from its privatization efforts.
Because of this strong
performance, the finance department plans to raise its privatization
target this year to P25.7 billion from P500 million in 2006. This
increase would jack up the estimate for nontax revenues to P103.8
billion from the P90.6 billion originally submitted to Congress for
approval.
Last October the Privatization
Management Office remitted P105 million to the national treasury,
increasing its total revenues to P517 million.
Among those transactions that
contributed to meeting last year’s goal were the Kobe Property
Development Fund—which represents the revenues the government
makes from its properties in Japan—and the sale of the Manila Gas
south property and the International School Manila land.
Another big-ticket item sold last
year was the government’s 83-percent stake in Maynilad Water
Services Inc., which was bought for $447 million by a consortium led
by DMCI Holdings Inc.
The government expects to raise
P25.2 billion during the first quarter this year from the sale of
its 46-percent stake in Philippine Telecommunications Investment
Corp. (PTIC). This amount has already been taken into account when
the government recently recalibrated its revenue goals for 2007.
The government is still waiting
for the other PTIC shareholder, La Rouge BV, to submit its bid for
the said stake. As indicated in the terms of reference for the
transaction, other PTIC shareholders like Metro Pacific Asset
Holdings and Larouge can match the bid within 30 days after
receiving official notice of sale.
Meanwhile, the bidding for the
25-year franchise of National Transmission Corp. has been moved to
February 5. The privatization of the country’s power grid is aimed
at shoring revenues and freeing the government from its costly
upgrade and expansion.
The finance department is also
holding discussions on the sale of the government’s shares in food
and beverage giant San Miguel Corp. and electricity distributor
Manila Electric Co.
Other assets scheduled to be sold
last year but moved to this year include the build-to-operate
contract for the Fujimi, Tokyo property, the sale of Philippine
Postal Corp., the Iloilo airport property, the Al-Amanah Islamic
Bank and television stations RPN 9 and IBC 13.
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