MANILA, Philippines — President Ferdinand Marcos Jr. has ordered the transfer of the prime Mile-Long Property in Makati City back to the Privatization and Management Office (PMO) in preparation for its eventual sale.
Signed on September 30, Administrative Order No. 50 officially shifts management of the prime real estate back to the PMO, revoking its previous 2020 assignment to the Bases Conversion and Development Authority under Administrative Order No. 21.
Spanning 22,924 square meters within the Makati Central Business District, the property is registered under the name of the National Government. The reassignment aligns with the administration’s plan to raise state non-tax revenues through asset sales in the coming year.
The order noted that the Department of Finance (DOF) recommended the transfer:
”as part of the government’s efforts to optimize the utilization of public assets, enhance fiscal space and support priority development programs.”
Before proceeding with any sale or privatization scheme, the PMO must first obtain formal clearance from the Privatization Council.
Additionally, Section 4 of the directive instructs the Department of Budget and Management (DBM) to review and propose mechanisms to guarantee that proceeds generated from the property’s disposition are funneled into priority development projects, in compliance with existing budget laws and regulations.