THE GOVERNMENT plans to sell just a portion of the Mile Long property in Makati City this year and will hold on to a chunk of the lot in anticipation of higher valuations, the Finance chief said.

Finance Secretary Carlos G. Dominguez III said his department is awaiting results of a valuation exercise that are due next month before proceeding with the plan to privatize the parcel of land which has been awarded by a local court.

The Mile Long property located along Amorsolo Street in Makati has been the subject of a legal dispute between the government and Sunvar Realty Development Corp. In August last year, the property firm owned by the Rufino and Prieto families agreed to vacate the property following an order issued by the Makati Regional Trial Court’s branch 141. Sunvar and its tenants need to vacate Mile Long and pay back rentals, according to the court.

WAITING FOR THE PRICE TO RISE
“I want to divide that into three or four lots, probably sell two and keep two,” Mr. Dominguez told reporters late last week.

“I just want to wait for the price to go up.”

The Cabinet official said he has informed President Rodrigo R. Duterte about such plans, adding that the government isn’t in a hurry to dispose of the property.

“[O]nce the development starts there the prices will go up, so why shouldn’t we benefit from it? Anyway, we don’t need the cash,” Mr. Dominguez said, noting that the Philippines currently enjoys a healthy cash position.

Finance Undersecretary Grace Karen G. Singson, who heads the DoF’s privatization group, told reporters that the government will study results of two separate valuation exercises conducted by independent external parties, and another by the government.

Mr. Dominguez said the government hopes to raise P2 billion in revenues annually from the sale of its assets until 2019.

The government also wants to unload shares of stock in Atlas Consolidated Mining & Development Corp., Benguet Corp., Chemical Industries of the Philippines and Lepanto Consolidated Mining Co., as well as stakes in PAL Holdings, Inc.; the Puerto Azul resort; Manila Polo Club; and Makati Sports Club. — Melissa Luz T. Lopez

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