By Darryl John Esguerra
MANILA – President Ferdinand R. Marcos Jr. has ordered the return of the administration and management of the 2.29-hectare Mile Long Property in Makati City to the government office tasked with managing and disposing of state assets.
Marcos signed Administrative Order No. 50 on Wednesday, reverting the property to the Privatization and Management Office (PMO) from the Bases Conversion and Development Authority (BCDA).
The 22,924-square-meter property sits in the Makati Central Business District and is registered in the name of the National Government.
The move is intended to facilitate the property’s disposition and maximize its value for the government.
The Department of Finance (DOF) 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, an attached agency of the DOF, serves as the national government’s financial asset management and marketing arm. It takes custody of, manages, and disposes of government assets transferred to it, including idle properties and assets of government-owned or controlled corporations.
Under AO 50, the PMO must first secure the approval of the Privatization Council before proceeding with the property’s disposition.
The Department of Budget and Management (DBM), meanwhile, was directed to study and propose measures to ensure that proceeds from the sale or other disposition of the property will be used to fund priority government programs, subject to the budget process and existing laws and regulations.
The Mile-Long Property administration was transferred to the BCDA in 2020.
The property has a long-running history involving government efforts to recover, administer, and eventually dispose of the state-owned asset. Its location in one of the country’s major business districts has made it a potentially valuable government property.
