President Ferdinand Marcos Jr. signed Administrative Order 50 on September 30, returning the administration and management of the prime 22,924-square-meter Mile Long Property in Makati City from the Bases Conversion and Development Authority to the Privatization and Management Office.
Recommended by the Department of Finance to optimize public assets and enhance fiscal space, the move paves the way for the property’s potential disposition, with proceeds earmarked to support priority government development programs.
President Ferdinand Marcos Jr. has returned the administration and management of the Mile Long Property in Makati City to the Privatization and Management Office to pave the way for its possible sale.
This was contained in Administrative Order 50 signed on September 30.
The Mile Long Property is a prime, government-owned property measuring 22,924 square meters and is located in Makati City’s Central Business District.
It is registered under the name of the national government.
The property was transferred to the Bases Conversion and Development Authority in 2020 under Administrative Order 21. This was after the Prieto-owned Sunvar Realty Development Corporation gave in to the government’s demands and vacated it in 2017 following a legal battle.
AO 50 reverted the property’s administration and management to the PMO for its possible disposition.
This move aims to make better use of public assets, strengthen fiscal space, and support priority development programs.
The Department of Finance recommended the reversion “as part of the government’s efforts to optimize the utilization of public assets, enhance fiscal space and support priority development programs.”
The PMO will seek the approval of the Privatization Council before proceeding with the property’s disposition.
Section 4 of AO 50 stated that the Department of Budget and Management shall study and propose measures to ensure that proceeds from the property’s disposition will fund priority government programs, subject to the budgetary process and applicable laws, rules and regulations.
The Department of Finance recommended the return of the management of the property to PMO to “optimize the utilization of public assets, enhance fiscal space and support priority development programs.”
The Mile Long Property has been the subject of the government’s efforts to recover and eventually monetize the prime real estate asset.