Latest news with #DevelopmentBudgetCoordinationCommittee
GMA Network
16-07-2025
- Business
- GMA Network
Gov't eyes raising P105B from privatization of assets through 2026
The government is looking to raise up to P105 billion until 2026 from the privatization of idle assets amid the administration's efforts to generate non-tax revenues, according to a Department of Finance (DOF) official. DOF Undersecretary Velasquez said the government targets to raise P5 billion from privatization efforts this year and P100 billion in 2026. 'We also want to utilize non-tax revenue through privatization of, let's say, some idle assets of the government, not just to increase revenues for the government, but also to add value to this area,' she said in a recent forum in Makati City. The government is looking to generate revenues worth P4.520 trillion in 2025 and P4.983 trillion in 2026, based on the latest report of the Development Budget Coordination Committee (DBCC). About 28,665 government non-performing assets have been turned over to the Privatization Management Office (PMO) for privatization, according to the DOF's January report. Among those targeted to be privatized this year are government assets in NLEX Corp. (P330 million), receivables in the Nonoc Mining and Industrial Corp. (P820 million), Elorde Sports and Tourism Development Corp. (P621 million), Food Terminal Inc. (P40.46 billion), the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plants (P36.26 billion), and SMC SLEX Inc. (P12.0 to P24.8 billion). Velasquez said the DOF is also looking to collaborate with the private sector for more infrastructure projects under the public-private partnership (PPP) scheme. 'We're allocating enough budget for infrastructure needs of the Philippines, but also, we're tapping the private sector to join us in nation building,' she said. 'What we do want is a crowding of public investments in infrastructure to crowd in private investment, and what we've seen recently, there are a lot of interests,' she added. The government has received many unsolicited proposals that are now under the procurement phase—the Boracay Bridge Project, the digitized traffic enforcement for Bacoor City, the digitization of the physical apprehension of the traffic violations under the single ticketing system (STS), the national single window through an integrated facilitation, the operation and maintenance of Palayan City Hospital, the redevelopment of the General Santos City Public Market, and the South Luzon Integrated Terminal Exchange (SLITX). —VBL, GMA Integrated News
GMA Network
23-05-2025
- Business
- GMA Network
Marcos economic team intact as secretaries, special adviser retained
President Ferdinand Marcos Jr. has retained the composition of his administration's economic team following his call for his Cabinet members to file courtesy resignations. At a news conference on Friday, Executive Secretary Lucas Bersamin said the President chose "after careful evaluation" to retain Trade Secretary Ma. Cristina A. Roque, Finance Secretary Ralph G. Recto, Economic Planning and Development Secretary Arsenio M. Balisacan, Budget Secretary Amenah F. Pangandaman, and Special Assistant to the President for Investment and Economic Affairs Frederick Go. 'Itong lima na ito ay magpapatuloy sa kanilang panunungkulan, paninilbihan sa taumbayan at makakaasa kayo na sila naman ay sinsero o dedicated sa kanilang sinumpaang katungkulan,' Bersamin said. (These five will continue to serve the people and you can be assured that they are sincere or dedicated to their sworn duties.) Following Marcos's call for his Cabinet secretaries to submit their courtesy resignations after his pronouncement that the results of Eleksyon 2025 showed that the people are "tired of politics and they are disappointed with the government,' members of the economic team have immediately complied. In a statement, Pangandaman, who chairs the Cabinet-level macroeconomic and fiscal-targeting Development Budget Coordination Committee (DBCC), said she was 'tremendously grateful to President Ferdinand R. Marcos Jr. for the steadfast trust, support, and confidence he has bestowed not only upon me but upon the entire economic team.' 'This has only reaffirmed my own commitment to public service and reignited my determination to work even harder for our nation and our people," Pangandaman said. "And certainly the entire economic team is one in reinforcing our shared vision for an even more prosperous economy. I would also thank the many business groups, public service institutions, CSOs, and individuals who sent me messages of support,' she added. 'We have always been one with the President in working towards our Agenda for Prosperity while pursuing an open government that is transparent and accountable," Pangandaman said. With the boost of confidence from the President and as the economic managers review the Medium Term Fiscal Program and as the Department of Budget and Management enters budget deliberations, Pangandaman said she was renewing her commitment to "an economic transformation that is inclusive and sustainable, fulfilling the needs and aspirations of the Filipino people, including the next generations." Marcos' chief economic manager, Recto, also thanked the President. 'I thank the President for his continued trust. More than a vote of confidence, I take this as a marching order to push harder and deliver results faster, and thus we will also do our own recalibration within the department," Recto said. Recto said the DOF would not stop in ensuring that every Filipino family would feel the effects of progress. Balisacan also thanked Marcos "for his continued trust and confidence and assure him of the Department of Economy, Planning, and Development's continued efforts, together with members of the Economic Team, to steer the economy to a prosperous, inclusive, and resilient future where every Filipino benefits from our nation's progress." Go and Roque have yet to issue their statement about their retention in the Marcos administration's Cabinet. The Marcos administration's economic team is lookig to bring down the poverty rate to 9% by 2028. It also aims to reduce the country's debt-to-gross domestic product (GDP) ratio to below 60% by 2028. It also hopes to achieve an economic growth rate of 6% to 8% between 2025 and 2028. –NB, GMA Integrated News
