MANDATE
The Privatization and Management Office (PMO) is an agency attached under the Department of Finance (DOF) mandated as: (a) the marketing arm of the government with respect to transferred-assets, government corporations and other properties assigned to it by the Privatization Council (PrC) for disposition, pursuant to Executive Order (EO) No. 323 (2000); and (b) the disposition entity of properties transferred to the Republic under the Philippine Property Act of 1946, Republic Act No. 8, and EO 99 (1947), pursuant to EO 471 (2005).
The PMO succeeded the powers and functions of the defunct Asset Privatization Trust (APT) whose corporate term ended on December 31, 2000 pursuant to Republic Act No. 8758 (RA 8758), as amended. RA 8758 mandated that upon the expiration of the APT’s corporate life, all powers, functions, duties and responsibilities, all properties, real or personal assets, equipment and records, as well as obligations and liabilities devolved upon the National Government (NG). Thus, EO 323 was promulgated to create the PrC and the PMO to take over the functions of the Privatization Committee and APT, respectively.
The PrC is the policy making body mandated to oversee the Philippine Government’s privatization program. It approves all proposed privatization plans prepared by PMO, and provides final approval for the proposed price and buyer for the assets. It is a cabinet-level body composed of the Secretary of Finance as Chairman, with the Secretaries of Budget and Management, Trade and Industry, National Economic and Development Authority and Justice as Members. The National Treasurer and the Chairman of the Philippine Commission on Good Government sit in the PrC as non-voting members.
FUNCTIONS
• Market and dispose assets
• Preserve, maintain and enhance the assets
• Collect, provide financial management as well as administrative support services
• Institute suits/legal proceedings for recovery and protection of assets
MISSION
Take title to and possession of, conserve, provisionally manage, and dispose of assets, previously identified for privatization; and, in the process, reduce the Government’s maintenance expense on non-performing assets while generating maximum cash recovery for the National Government.
VISION
• Promote an orderly, coordinated and efficient privatization of identified government assets
• Broaden economic base by turning state-owned enterprises and under-utilized assets over to the private sector
• Provide more investment and employment opportunities to help attain economic growth and development through successful privatization of previously identified nonperforming assets/agencies