Privitazation proceeds fall short of goal

THE Aquino administration fell short of its target proceeds from its asset sale program in 2010.

Finance Undersecretary John Philip Sevilla told reporters that the government raised only P900 million, comprising “small” ticket items.

“It is not much, nothing really substantial,” he said.

The Aquino administration raised its 2010 budget deficit ceiling from P298 billion to P325 billion when it took office in the second half of last year, while the interagency Development and Budget Coordination Committee set a P2-billion privatization target.

The P325-billion budget deficit cap is 3.9 percent of the country’s gross domestic product.

Finance Undersecretary Crisanta Legazpi earlier said the government’s P2-billion asset sale target for last year comprised largely of real estate properties.

The real estate properties for sale were mostly located in the cities of Makati, Parañaque and Baguio.

Some of these real properties were turned over to the Privatization Management Office by the Philippine National Bank and the Development Bank of the Philippines, while the remaining lots were those sequestered by the Presidential Commission for Good Government. –KATRINA MENNEN A. VALDEZ REPORTER, Manila Times