The government has divested its 3.46-percent stake in NLEx Corp., raising P3.3 billion in badly needed revenues to pump up the country’s coffers, according to the Department of Finance.
Finance Undersecretary Catherine Fong told the Inquirer the government was finally closing the sale two years after a deal was forged with the Manny Pangilinan group. NLEX Corp. is a part of Metro Pacific Tollways Corp., the tollway division of Pangilinan-led Metro Pacific Investments Corp. (MPIC).
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“We’re recently closing the NLEx share sale. Apart from that we’re looking to sell other properties not held by the Privatization and Management Office (PMO) but we need to work them out with relevant agencies holding ownership of them,” Fong said.
Nontax revenueThe share sale was signed last July 15. A ceremonial signing was initially scheduled for this week but has been postponed to early next month.
“[The parties have] signed the sale purchase agreement. [They still] need to deliver closing documents to complete the transaction,” Chief Privatization Officer Maan Vanessa Doctor told the Inquirer.
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The sale is part of the state’s privatization efforts to increase collections from nontax revenues. The government is also looking to divest shares in various projects, including rights over Food Terminal Inc., Philippine National Construction Corporation, Mile Long property and Star City.
“We have other nontax fund raising efforts like looking at upfront payments on attractive public-private partnerships,” Fong said.
New guidelines
Finance Secretary Ralph Recto said the government was looking to double its collections from nontax revenues this year.
“Last year it was about P200 billion. This year, we will get about P400 billion,” Recto said in a conference a day after President Marcos, in his State of the Nation Address, ordered his administration to support various social programs and infrastructure projects.
Fong said the DOF would also be releasing new guidelines to allow ordinary citizens to make an offer for various government assets, such as house and lots.
“It won’t be as ‘sexy’ as big ticket items but it will help the PMO [divest] these assets, raise some funds. [It would] help ordinary Filipinos be able to buy their own properties at an affordable price,” Fong added.