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arrFiles=new Array();arrFiles[0]=new Array("Institutional1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH This diagram illustrates the interplay of functions and roles between the Privatization Council, the Office of the President, the Disposition Entities and the Investors. It also shows our organizational and operational set-up. Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[1]=new Array("aboutus.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH The Privatization Council (PrC) is a cabinet-level and inter-agency policy making body tasked to oversee the Philippine Privatization Program. It formulates privatization guidelines, approves privatization transactions as to price and buyer, designates disposition entities and monitors post-privatization activities. The Finance Secretary (chairman) and the secretaries of the Department of Budget and Management (DBM), National Economic and Development Authority (NEDA), Department of Justice (DOJ) and the Department of Trade and Industry (DTI) as voting members and the heads of the Bureau of the Treasury (BTr) and the Presidential Commission on Good Government (PCGG) as non-voting members. The PrC, together with the Privatization and Management Office (PMO) acting as the marketing entity of the PrC particularly for the assets transferred to the National Government, were created pursuant to the provisions of Executive Order No. 323. Both organizations succeeded the Committee on Privatization (COP) and the Asset Privatization Trust (APT) respectively, which terms expired last 31 December 2000. Other disposition entities are Presidential Commission on Good Government for the surrendered properties, National Power Corporation for the BNPP properties and other government agencies or corporations undertaking privatization, which also reports to the PrC on privatization related matters. PrC meets twice a month to decide on privatization transactions. The DOF Privatization Office which serves concurrently as the PrC Secretariat, holds office at the DOF Building, Roxas Boulevard, Manila. Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[2]=new Array("accountsold.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER CLICK THE PDF LINKS BELOW TO VIEW: Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[3]=new Array("announcements-2.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH PRC DDBO Interest Rate for June 2004 is 7.310781% Adopting PrC interest rate formula for the direct debt buy-outs, the interest rate for March 2004 would be computed as follows: March 2004 91-days T-Bill (A) Volume (B) Product C=(A*B) May 24- May 26 7.143 2925 20893.28 May 31 - June 2 N.I. N.I. June 7 - June 9 7.317 4436 32458.21 June 14- June 16 N.I. N.I. June 21 -June 23 7.634 1433 10939.52 TOTAL 22.094 8794 64291.01 Proposed Interest Rate for June 7.310781% Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[4]=new Array("archive.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH Contact Details of the Department of Energy \'s In charge of big ticket power sector assets: PNOC BLDG 6, Energy Center, Meritt Road Fort Bonifacio, Taguig 840-1462,840-1432 Thelmo Y. Cunanan (President and CEO) NPC NPC Bldg. corner Quezon Ave. and Agham Rd Quezon City 921-2998 Rogelio M. Murga (President and CEO) PMO 104 Gamboa Street, Legaspi Village Makati City 893-1209, 893-2383 Ricardo S. Canlas (Chief Privatization Officer) Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[5]=new Array("assetportfolio-2.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH CLICK THE PDF LINKS BELOW TO VIEW: Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[6]=new Array("bid1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH The Joint Technical Committee (the \"Committee \"), duly constituted by the Republic of the Philippines ( \"ROP \"), through the Department of Finance ( \"DOF \"), and the Philippine Deposit Insurance Corporation ( \"PDIC \"), announces that the ROP, PDIC, and Lucio Tan Group shall jointly sell their a 67% ownership interest in Philippine National Bank ( \"PNB \" or the \"Bank \") (the \"Transaction \"), in accordance with the provisions of the Joint Sale Agreement dated 1 August 2002 and other related agreements. Invitation to Pre-Qualify and to Bid Interested parties in good standing with regulatory agencies, committed to, and with sufficient financial capability to further develop and enhance the Bank are invited to submit to ING Bank N.V., the exclusive financial advisor to the Committee, a request to pre-qualify together with the following: (1) full name of the interested party, address, telephone and telefax number of principal contact; (2) business overview; (3) list and nationality of shareholders and their respective shareholdings; in the case of corporate shareholders, the principal shareholders thereof and their respective nationalities; (4) evidence of financial capacity to pursue the Transaction (e.g. audited financial statements or equivalent); (5) Duly executed confidentiality agreement (form may be obtained from ING Bank N.V.); if the interested party is a consortium, all the information and documents enumerated above in respect of each member of the consortium, and the consortium shareholding structure. All documents must be duly certified/signed by an authorized representative of the interested party. All pre-qualification requirements must be submitted to ING Bank N.V. no later than 5:00 p.m. Manila time on 1 July 2005 at any of the following addresses: The Philippines Hong Kong 21st Floor, Ayala Tower I Ayala Avenue Makati City Philippines Attention: Juan Carlos Syquia Phone: (632) 840 8887 39th Floor, One International Finance Center 1 Harbour View Street, Central Hong Kong Attention: Gopal T. Menon Phone: (852) 2913 8639 Interested parties should direct all clarifications to ING Bank N.V. - Corporate Finance during regular office hours at the above contact details. Pre-qualified interested parties will be informed shortly thereafter and will be provided with a Bidding Package, which includes the bidding rules and an information memorandum on PNB. The Committee reserves the right to accept or reject any interested party without offering any reason whatsoever. Only pre-qualified interested parties shall be allowed to further participate in the bidding. Bids shall be submitted to the Bidding and Negotiating Committee at Long Gallery, 3rd Flr, PNB Financial Center, Pres. Diosdado Macapagal Avenue, Pasay City [place] from 8 a.m. to 12 noon on 12 August 2005 or at such date, time and place as may be subsequently announced by the Committee. The Bidding and Negotiating Committee has the right to accept or reject any bid. In the event of a failed bid, the Bidding and Negotiating Committee shall negotiate directly with the highest qualified bidder. The bidding process shall be governed by applicable Philippine laws, rules and regulationsThe Committee and the Bidding and Negotiating Committee do not assume any obligation to compensate or indemnify any party for any expense or loss that may be incurred as a result of participating in the Transaction. Finally, the Committee and the Bidding and Negotiating Committee reserve the right to terminate the Transaction or modify, supplement or change the rules and conduct of bidding and any other aspects of the Transaction at any time. Interested parties will be notified subsequently of any modification, supplement or change. JOINT TECHNICAL COMMITTEE Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[7]=new Array("bigtiket1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH COMPANIES GROSS SALES in billions % PRIVATIZED 1. PETRON CORPORATION 25.0 60 2. NATIONAL STEEL CORPORATION 17.1 87.5 3. PHILIPPINE AIRLINES 10.7 67 4. PHILIPPINE NATIONAL BANK 6.5 50.5 5. PASAR 3.2 37.7 6. INTERBANK 2.2 100 7. PHILSECO 2.1 87 8. MARINA PROPERTIES 1.8 100 9. PHILIPPINE PLAZA 1.5 100 10. UNION BANK 1.3 87 Source : DOF Privatization Council Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[8]=new Array("casestudies.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH . Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[9]=new Array("contactus.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH Policy Matters OIC Maria Venus S. Cajucom 524-1633 vencajucom@dof.gov.ph Revenue/Remittance Tables Ms.Elena R. Cruz 524-1633/523-5143 News/Updates/Web Info Ms. Merzenaida D.Donovan 523-5727/524-1633 osec@dof.gov.ph Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[10]=new Array("coverage1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH T he Philippine Privatization Program involves all privatization transaction of the government from the sale of shares of government corporations, sale of physical, financial and surrendered assets including idle properties here and abroad. Government Owned and Controlled Corporations (GOCCs) Parent corporations may undertake the privatization of its subsidiary corporations with transactions ranging from partial sale of shares to full privatization of the company. Transferred Assets (TAs) Transferred assets sold under the privatization program may be in the form of non-performing financial form assets or physical properties like buildings, machinery and equipment, plants and real estate. TAs are usually PNB, DBP, Philguarantee or LBP assets transferred to the National Government by virtue of Proclamation No. 50 and entrusted to the PMO for disposition. Surrendered Assets (SAs) Surrendered assets refer to sequestered ill-gotten wealth previous administration surrendered to the national government by virtue of compromise agreements. As legally \"clean \" assets, the Presidential Commission on Good Government auctions off these sequestered properties. Idle Properties Idle properties of the Government refer to vacant lots, underutilized or dilapidated buildings and other forms of real estate properties located here and abroad. The Government is rationalizing the use of these properties by either selling it outright or bidding it out for development. Under Memorandum Order No. 79, the Bids and Awards Committee was constituted to handle the development of Government \'s properties in Japan into consular offices among others. Moreover, the PrC already issued the guidelines covering the disposition and development of Government properties in the United States. Locally, through Memorandum Circular No. 37, properties of government line agencies are identified in order to rationalize the utilization of real estate properties and as of 31 December 2003, 155 submissions have been received by the Department of Finance as compliance to the said circular. Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[11]=new Array("directory1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH P rivatization Council (Cabinet Level) Secretary Cesar V. Purisima    6F DOF Building, Roxas Boulevard, Manila 523-9215 and 523-9219 (direct lines) 526-8474 (fax) cvpurisima@dof.gov.ph Secretary Emilia T. Boncodin    General Solano Street, San Miguel, Manila Undersecretary Laura B. Pascua   (Alternate) 735-4926 and 735-1959 (direct lines) 735-4936 (fax) etb@dbm.gov.ph Secretary Merceditas N. Gutierrez   DOJ Building, Padre Faura, Manila Undersecretary Manuel A.J. Tehankee (Alternate) 526-2746 (direct line) 521-1614 (fax) Secretary Juan B. Santos 4F Industry and Investment Building Undersecretary Ofelia V. Bulaong (Alternate) 385 Sen. Gil Puyat Avenue, Makati City 899-7450 (direct line) 896-1166 (fax) cvpurisima@boi.gov.ph Secretary Romulo L. Neri NEDA sa Pasig Building, 12 Josemaria Escriva Drive Deputy Director General Rafael PM. Lotilla (Alternate) Ortigas Centre, Pasig City 631-3747 (direct line) 631-3716 (fax) Treasurer Norma L. Lasala    Palacio del Gobernador Building Intramuros, Manila 527-3179 and 527-3184 (direct line) 522-8122 (fax) Chairman Haydee B. Yorac      82 RIC Building, EDSA Mandaluyong City Commissioner Victoria A. Avena (Designated Member) 727-2928 and 727-2927 (direct line) 727-2926 (fax) hbyorac@pcgg.gov.ph P rivatization Council (Technical Committee) Undersecretary Gabriel R. Singson, Jr.      6F DOF Building , Roxas Boulevard , Manila (Chairman) 523-5727 (direct line) 526-8474 (fax) eorecto@dof.gov.ph OIC Director Maria Venus S. Cajucom 5F DOF Building , Roxas Boulevard , Manila (Alternate) 524-1633 (direct line) 523-5143 (fax) vencajucom@dof.gov.ph Atty. Antonio A. Abanilla        Rm. 309, DOJ Building, Padre Faura, Malate (Member, DOJ) 526-2756 ( telefax ) Director Gil Montalbo   General Solano Street, San Miguel, Manila (Member , DBM) 735-4934 and 735-1606 (direct line) 735-1955 (fax) GM Ofelia V. Bulaong (Member ,DTI/NDC) Industry and Investment Building, Gil Puyat, Makati Mr. Saturnino Mejia (Alternate) 895-3512 and 890-9332 (direct line) (Member ,DTI/NDC) 895-3512 ( telefax )     Director Brenda Mendoza NEDA sa Pasig Building, 12 Josemaria Escriva Drive (Member,Neda) Ortigas Centre, Pasig City 631-3719 and 633-6011 ( telefax ) Atty. Gisela Lood Palacio del Gobernador Building Deputy Treasurer Intramuros, Manila 527-3083 and 525-0006 (Direct Line) Mr. Sonny De la Paz 82 RIC Building, EDSA Mandaluyong City 725-6869 (direct line) P rivatization Council (Secretariat) Maria Venus S. Cajucom        5F DOF Building , Roxas Boulevard , Manila Executive Director/Head 524-1633 (direct line) 523-5143 (fax) vencajucom@dof.gov.ph P rivatization and Management Office Ricardo S. Canlas     2F NDMC Building , 104 Gamboa Street , Makati Chief Privatization Officer 893-1209 and 893-2383 (direct line) 893-3453 (fax) Crisanta S. Legaspi 6F NDMC Building, 104 Gamboa Street, Makati Deputy Privatization Officer 810-7562 (direct line) Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[12]=new Array("downloads.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH The following files below are PDF files; click them to view . Download if files are unreadable; Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[13]=new Array("factfile1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH What is Privatization? Transfer of a function, activity,or organization from the public to the private sector . STATUS As of December 31, 2003 Accounts Disposed TAs 364 GOCCs 109 PCGG 16 BCDA 1 Others 1 Total 491 P202.33 Billion Gross Sales Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[14]=new Array("foreign1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH ATTRACTED FOREIGN INVESTMENTS PETRON CORP. - ARAMCO OVERSEAS CORP. OF SAUD ARABIA - 40% PNOC DOCKYARD - KEPPEL CORP. SINGAPORE - 100% PHILIPPINE PLAZA - ALLIED KAJIMA OF JAPAN - 100% COMMERCIAL BANK OF MANILA - FIRST NATIONAL BANK OF BOSTON - 40% PILIPINAS BANK - BANK OF TOKYO - 40% click to see Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[15]=new Array("goccgrowth1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH Year Number 1935 14 1945 21 1950 29 1955 35 1960 40 1965 62 1970 65 1975 120 1981 212 1985 301 Source : DOF Privatization Office Department of Budget Management Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[16]=new Array("index.asp","Philippine Privatization Program","","","NEWS BULLETIN There are no records in the database \" response.write \" Please check back later \" Else% \" Response.Write \" [ \" Response.Write rs( \"date \") Response.Write \" ] \" response.write \" \" % \" Response.Write rs( \"topic \") & \" \" % T he Philippine Privatization Program has been a key economic policy of the Philippine Government since 1986. This site offers a window to the various objectives, initiatives and reforms pursued in almost two decades. R EVENUE GENERATION C APACITY BUILDING C APITAL INVESTMENTS H elping the agriculture sector to raise farm income and ensure food security by earmarking portions of the privatization proceeds to the Agrarian Reform Fund of the Government \'s Comprehensive Agrarian Reform Program (CARP) S trengthening productive capacity and building infrastructure with the privatization of public utilities among others. F ostering favorable investment climate, broadening of ownership base and developing capital markets. Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[17]=new Array("news-3.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH PrC calls PCGG on IRC \'s lease arrangements at \"Payanig \" property The Privatization Council (PrC) reminded the Presidential Commission on Good Government (PCGG) that disposition of government-owned surrendered properties should be undertaken via public bidding and results of the bidding are subject to the final approval of the Council on March 25. The reminder came after the Council received reports that about 6 hectares of the entire 18.5-hectare \"Payanig \" property in Ortigas have been leased out to various lessees. The property has existing lease contracts entered into by Independent Realty Corporation (IRC) with 3 to 4-year terms and in effect as early as September 2002. Under existing privatization laws and regulations, a lease arrangement can be considered as a disposition activity that needs to be undertaken via public bidding. The \"Payanig \" property is scheduled for public bidding by second quarter of 2004 with the approved floor price of P61, 900/sq.m. The 18.5-hectare property is located in Brgy. Ugong, Pasig City and under the Mid-Pasig Land Development Corporation account, a company under the IRC Group of Companies surrendered to the National Government by Jose Yao Campos in 1986 through a compromise agreement with PCGG. (M. Donovan with reports from N. Villafuerte). Privatization revenues reach P8.9M for Q1 \'04 The Privatization Council (PrC) approved several sale transactions for the first quarter of the year bringing P8.9 million expected revenues to the government \'s coffers. The privatization receipts were largely due to the sale of the transferred assets, real estate assets specifically, of Peninsula Development Bank and Wright Patterson Manufacturing Corporation handled by the Privatization and Management Office (PMO). The Government auctioned-off three residential lots belonging to Peninsula Development Bank located at Peninsula Homes Subdivision, Pagbilao, Quezon for a total consideration of P489, 000.00. While the bulk of the proceeds came from the sale of 8.9-hectare property located in San Jose Occidental Mindoro to WRI-PAT Neighborhood Association, Inc. for P8.4 million. The sale transaction was awarded through the Community Mortgage Program of the National Home Mortgage and Finance Corporation (NHMFC), (M. Donovan with reports from R. San Juan) FTI settles obligations to gov \'t, portions of Lot 35 for socialized housing The Privatization Council (PrC) allowed the nation \'s largest food and container terminal, Food Terminal, Inc. (FTI), to settle its P1.2 billion debt obligation to the National Government via dacion of portion its Lot 35 property on February 17. FTI has been identified for privatization and its debt obligations to the National Government ballooned to P1.2 billion by the end of December 31, 2003. According to the records of the Bureau of the Treasury (BTr), the company owes the government some P357.2 million while records of the Privatization and Management Office (PMO) showed FTI \'s obligations reaching P914.3 million. FTI officially disclosed that President Arroyo instructed them to develop 11.5 hectare or the Lot 35 property for socialized housing and they also wanted to settle their outstanding obligations to the National Government. The company owns 120 hectares of land by virtue of proclamations issued by Presidents Marcos and Aquino and FTI is proposing to dacion 4.5 hectares (2.4 hectare to PMO and 2.1 to BTr) of the 11.5-hectare property to the National Government while the remaining 6 hectares to be developed for socialized housing. Finance officials have no problem with the dacion as long as the property for transfer is unencumbered and has no informal dwellers. While Treasury officials emphasized that the Treasury would only agree to the arrangement provided that all taxes, fees and other expenses to be incurred in the segregation and transfer of title would be shouldered by FTI as the assignor. However, FTI reports showed that squatters grew to the 11.5 hectare property following the pronouncement of the President that parcels of land would be awarded to bonafide recipients through the National Housing Authority (NHA). Consequently, it is difficult for FTI to give the assurance that the properties subject to the dacion en pago are 100% free of squatters. According to the latest valuation conducted by eValue, the property value stands at P14,000/sq.m. (M. Donovan) PNOC-EC to sell 49% of its 10% interest in Malampaya project The Privatization Council (PrC) approved the sale of 49% interest of PNOC Exploration Corporation (PNOC-EC) in Malampaya project under Service Contract 38 either through a sale in a corporate form via PNOC Malampaya Production Corporation or through a direct sale of PNOC-EC to investors or direct trade sale on January 26. The Council approval was subject to the conditions that Philippine National Oil Company complies with relevant privatization laws and regulations and mode adopted would give the best offer for the Government. PNOC-EC is 100% owned by PNOC and is engaged in energy exploration activities. The company has 10% participating interest under Service Contract 38 of the Malampaya Project which is equivalent to 4.9% exposure in the entire project. PNOC, as the parent corporation and PrC designated disposition entity for PNOC-EC, proposed for the divestment of 49% in PNOC-EC \'s 10% participating interest in the project. PNOC \'s reason to retain 51% interest is for the company to continue having a stake in a prestigious and profitable company considering PNOC-EC is already generating income. DOF and DOJ officials believe that the move is a good financial mechanism wherein PNOC \'s retention of the majority of the board with its 51% in a special purpose company, the company can consolidate the same in the books of PNOC-EC and they can sell the remaining stake at a higher price. The privatization of PNOC-EC \'s share in SC 38 was one of the conditions for the Department of Finance (DOF) to confirm its willingness to guarantee PNOC \'s 10-year US$175-200 million syndicated term loan from Citibank to refinance its existing loans. This funded PNOC-EC \'s investment in SC 38 and provides the legal basis for the privatization of PNOC-EC \'s 10% participating interest in the Malampaya project. (M. Donovan) Technical Working Group to study NBP privatization To improve jail services and downsize detention facilities into smaller permanent facilities, the Privatization Council (PrC) approved the creation of a technical working group consisting of representatives from the Department of Justice (DOJ), Department of Finance (DOF), the BOT Center and the Privatization and Management Office (PMO) to formulate the privatization plan of the National Bilibid Prison (NBP) property on January 26. The group is expected to work closely with DOJ and the Bilibid Privatization Committee following the Presidential directive to develop and privatize the property in view of improving jail services and penology in the country. The Bilibid property is located in Barangay Poblacion, Muntinlupa City and totaling to 551 hectares. Its border reaches the Ayala Alabang Village and Green Heights subdivision in the north, Victoria Homes subdivision in the south and the South Superhighway in the east. DOJ personnel have already been allocated with about 107 hectares of the Bilibid property for the \"Katarungan I & II \" housing projects of the Justice Department. (M. Donovan) Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[18]=new Array("objective1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH 1. To improve efficiency and provide better quality service. 2. To focus government energies and resources to provision of basic public goods and services. 3. To create favorable investment climate. 4. To broaden ownership base and develop capital market. 5. To generate revenues for priority government expenditures (i.e. CARP, public infrastructure etc.) Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");arrFiles[19]=new Array("organizational1.htm","Philippine Privatization Program","","","CLICK THE BUTTON ABOVE TO VIEW THE NEWS BULLETIN CLICK THE ANIMATED CHART TO VIEW THE DEFINITION OF PRIVATIZATION THE FOLLOWING PAGES ARE BEST VIEWED USING 800X600 PIXELS AT YOUR WEB BROWSER SEARCH Privatization Council The PrC is the central agency responsible for the implementation of Government \'s Privatization Program. It is under the Department of Finance pursuant to Executive Order No. 323 . The Council is composed of five cabinet secretaries of the Department of Finance (chairman), Department of Budget and Management, National Economic and Development Authority, Department of Trade and Industry and the Department of Justice. It has two other non-voting members such as the Presidential Commission on Good Government and the Bureau of Treasury. PrC handles policy matters and approves privatization transactions as to price and buyer, pursuant to Proclamation No. 50. Disposition Entities : 1. Privatization and Management Office The PMO is the disposition entity (DE) or marketing entity for physical form non-performing assets (NPAs) previously transferred by certain government institutions like PNB and DBP to the National Government. 2. Land Bank of the Philippines - Trust Department The Trust Department of the Land Bank of the Philippines handles the disposition of the financial form non-performing assets previously transferred by certain government financial institutions (e.g. PNB and DBP) to the National Government. 3. Other Disposition Entities Parent corporations may be designated by the PrC to undertake the privatization of its subsidiary corporations. Other DEs of the privatization program include the Philippine National Oil Company, National Power Corporation, Bases Conversion and Development Authority and National Development Company. Other government line agencies may also be designated to undertake the privatization of special accounts like the case of Presidential Commission on Good Government for the surrendered assets of the Government. Home | Contact Us | Download | Related Links 2004 © Privatization Council / Department of Finance WebDevTeam");