Privatization goal in ’23 is ₧3B By Jasper Emmanuel Y. Arcalas @jearcalas
T THE MALL OF BATAAN SM City Bataan, the 83rd SM mall and the first mall in the province of Bataan, opened on May 19. Leading the ceremonial ribbon cutting are (from left) SM Engineering Design and Development Corp. President Hans T. Sy Jr., SM Supermalls President Steven T. Tan, Bataan Vice Governor Cristina M. Garcia, His Excellency Most Rev. Ruperto Santos, D.D. Bishop of Balanga, Vice Mayor City of Balanga Vianca Lita Gozon, 2nd District Rep. Albert S. Garcia, SM Prime Holdings Inc. President Jeffrey C. Lim, and Super Value Inc. President Herbert T. Sy. SM SUPERMALLS
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
HE Marcos Jr. administration aims to double its earnings from the sale of various government assets, including some mining rights and the Mile Long Complex, to at least P3 billion this year. Finance Undersecretary for Privatization and Corporate Affairs Catherine Fong disclosed recently that the government earned P1.5 billion from the sale of various government assets, mostly real estate properties, last year. “We are aiming to sell more. We are aiming for higher than last year. At least double of last year or even higher,” Fong said in a recent press briefing. Fong said the Privatization and Man-
agement Office (PMO) has been fasttracking the sale of government assets to generate revenues for the government upon the instructions of Finance Secretary Benjamin E. Diokno. At the same briefing, Diokno said that the Department of Finance (DOF) is on a “sell, sell, sell” mode this year. Fong explained that the Privatization Council, which oversees the privatization program of the government, is now meeting monthly to fast-track the disposal of government properties. “There are a lot of government assets for disposal. A lot are slated for auction and for awards already. The [amount] of the approved [properties] for sale is close to our goal of doubling [last year’s earnings],” she said.
Two of the government assets that the administration seeks to dispose of is the Mile Long Complex in Makati and the Basay Mining Corp. in Negros Oriental province. The prospective proceeds from the sale of the Mile Long property were earlier identified by Diokno as the possible fund sources for the proposed Maharlika Investment Fund (MIF). One of the means the government is looking at to bankroll the proposed sovereign wealth fund is the sale of idle government assets. Fong said the government plans to sell four mining rights, which includes that of Basay Mining Corp. However, Fong explained that the three other mining rights are still under litigation and are not yet ready for auction.
BusinessMirror
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
REMITTANCES, $ LOANS TRIM APRIL BOP DEFICIT R w
By Cai U. Ordinario
n
Monday, May 22, 2023 Vol. 18 No. 217
P25.00 nationwide | 2 sections 20 pages |
PBBM tells PMA grads: AFP better prepared now
@caiordinario
EMITTANCES and foreign borrowings made by the national government buoyed the country’s Balance of Payments in April, trimming the BOP deficit, according to data from the Bangko Sentral ng Pilipinas (BSP). BSP data showed the position posted a deficit of $148 million in April 2023, lower than the $415-million BOP deficit recorded in the same month last year. The data showed the country’s BOP deficit in April 2023 reflected outflows arising mainly from the National Government’s (NG) payments of its foreign currency
A
debt obligations. “Notwithstanding the deficit in April, the cumulative BOP position registered a surplus of $3.3 billion in the first four months of the year. This level is markedly higher than the $79-million surplus recorded in the same period a year ago,” BSP said. See “Remittances,” A2
COMMANDER IN CHIEF AT PMA President Ferdinand R. Marcos Jr. graced the commencement ceremony of the Philippine Military Academy “Madasigon” Class of 2023 at Fort del Pilar, Baguio City at the weekend. The event marks his first presence as Commander-in-Chief at a PMA graduation, honoring 310 exceptional graduating cadets, including 72 accomplished female cadets. Cadet 1CL Warren Leono, from Lipa City, Batangas. Leono achieves the distinction of being the class valedictorian, embodying the ideals of courage, excellence and resilience symbolized by “Mandirigmang May Dangal, Simbolo ng Galing at Pagbangon” (Madasigon). PNA/ROLANDO MAILO/REY BANIQUET
‘EL NIÑO WON’T CAUSE FOOD PRICE SPIKES’
T
EXPLAINER »B4
LESSONS FROM STAR TREK: PICARD:
A CYBERSECURITY EXPERT EXPLAINS HOW A SCI-FI SERIES ILLUMINATES TODAY’S THREATS
HE anticipated weak-tomoderate El Niño this year will not lead to a “surge” in food prices since its impact on local food production would be muted amid foreseen minimal output reduction, the Department of Finance (DOF) said. Finance Secretary Benjamin E. Diokno disclosed that the National Economic and Development Authority (NEDA) presented its latest forecasts on the impact of
El Niño during a recent Cabinetlevel meeting. Diokno said, based on the Neda’s estimates, the weak to moderate El Niño—expected to start in the second semester and last until the first quarter next year—would not cause a “significant” reduction in local food output, particularly for rice and corn. “As a result, we do not foresee a surge in food prices,” he said in
a press briefing recently, where he talked about updates regarding the first meeting of the Economic Development Group (EDG) of the Marcos Jr. administration. Based on latest government estimates, the DOF said rice production may “slightly” fall this year by 1.8 percent on an annual basis while yellow corn output could decrease by 1 percent yearon-year due to El Niño. See “El Niño,” A2
MID the ongoing reforms in the Armed Forces of the Philippines (AFP), President Ferdinand R. Marcos Jr. said the country’s military is now better prepared to face the challenges posed by the country’s “evolving” security environment. During the commencement exercise of the Philippine Military Academy (PMA) “MADASIGON” Class of 2023 in Baguio City on Sunday, Marcos assured the people of his administration’s continued commitment to the modernization and professionalization of AFP. MADASIGON stands for “Mandirigmang May Dangal, Simbolo ng Galing at Pagbangon.” Among the reforms, he said, was the signing of Republic Act No. 11939 that shortened the fixed term and adjusted the compulsory retirement age of several key military officials. The new law, he earlier said, was meant to address the concerns raised by the younger officers of AFP on the maximum tenure of their senior officials, which are stipulated under RA 11709. “Because of this, you now join a modern and professional organization which is now a more effective and even more formidable vehicle for public service and nation building, and a continuing source of pride and selffulfillment for the individual personnel,” Marcos said in his speech before the graduating class MADASIGON. See “PBBM,” A2
PESO EXCHANGE RATES n US 55.9670 n JAPAN 0.4036 n UK 69.4439 n HK 7.1508 n CHINA 7.9532 n SINGAPORE 41.5340 n AUSTRALIA 37.0558 n EU 60.2877 n KOREA 0.0420 n SAUDI ARABIA 14.9249 Source: BSP (May 19, 2023)