Gov’t mulls sales including Semirara

DoF eyes to increase non-tax revenues through privatization to around P100 billion next year from P42 billion this year

By Kathryn Jose – Sep 26, 2024, 01:49
from Daily Tribune

Semirara Mining and Power Corp. (SMPC)

The Department of Finance (DoF) is studying the privatization of shares in Semirara Mining Corporation to raise non-tax government revenues.

Finance Undersecretary Domini Velasquez on Wednesday said notable updates in the privatization of Semirara could be seen next year, stressing a thorough analysis of market and economic conditions.

The government owns around 145 million shares in Semirara, she added.

“We needed to scout for new funding sources without inflicting new taxes,” she said at the Management Association of the Philippines’ General Membership Meeting in Taguig City.

Privatization for revenues

Velasquez said the DoF eyes to increase non-tax revenues through privatization to around P100 billion next year from P42 billion this year.

Consunji-owned Semirara supplies coal to power plants and other industrial firms in the country.

To fund infrastructure projects and social services for long-term economic growth, Finance Secretary Ralph Recto said the DoF aims to hit a total of P400 billion in non-tax revenues this year.

Velasquez shared five other properties which she shared are only a few of the total properties considered for privatization: Star City, Mile Long Building of the National Economic and Development Authority , United Chemicals Inc., Elorde Sports and Tourism Development Corporation, and Condominium Units in Atrium, Makati City.

“These idle assets will not only generate revenues for the government but will also increase the value of these assets that have been lying around in Metro Manila,” she said.

DoF had said Star City has an appraised value of P15 billion.