President Ferdinand Marcos Jr. has signed Administrative Order No. 50, transferring the management of Mile-Long Property back to the Privatization and Management Office (PMO) to facilitate its disposition and maximize its value.
The PMO is an attached agency of the Department of Finance (DOF) that acts as the government’s marketing and disposition arm for state-owned or non-performing assets.
Located in Makati’s central business district, the 22,924-square-meter property was transferred to the Bases Conversion and Development Authority under Administrative Order No. 21, issued in 2020. It is registered under the national government.
The newly signed order reverted its administration and management to the PMO ‘as part of the government’s efforts to optimize the utilization of public assets, enhance fiscal space, and support priority development programs.’
Additionally, the PMO was directed to prepare and implement a privatization plan for the property in accordance with applicable laws and regulations, and in a transparent and competitive manner that ensures optimal value for the National Government.
Under AO 50, the Department of Budget and Management was directed to study and propose measures to ensure that proceeds from the property’s disposition will fund priority government programs.
It also said the PMO will seek the approval of the Privatization Council before proceeding with the property’s disposition.
Complex history
The property was occupied by Sunvar Realty Development Corp. until it was ordered to vacate the premises in 2017 in compliance with a court order. Sunvar is owned by the prominent Rufino-Prieto clan.
Three years later, the administration and management of the Mile-Long Property were transferred to the BCDA pursuant to AO No. 21, signed by then-President Rodrigo Duterte.
Duterte also ordered the property’s development to generate funds for priority programs, particularly pension programs for retired military and uniformed personnel.
The Inquirer sought further information from the PMO and the Palace regarding future plans for the Mile-Long Property but had yet to receive a response as of posting time