Gov’t sells ₱1-B Makati property, ramps up ₱30-B asset privatization

The Department of Finance (DOF) has completed the ₱1-billion sale of government-owned units at the Atrium of Makati to Sanpiro Realty Development Corp., as it ramps up its privatization program with around ₱30 billion worth of additional state assets lined up for disposal.

The transaction, completed through the Privatization and Management Office (PMO), covers the entire fifth floor of the Atrium of Makati — 24 condominium units and 21 parking slots — which had remained idle since 2019. The sale is part of the government’s strategy to dispose of underutilized properties, generate non-tax revenues, and redirect resources to priority development programs.

“This sale demonstrates our commitment to turn idle government assets into revenues that strengthen our capacity to fund priority programs and support long-term national development,” Finance Secretary and Privatization Council (PrC) Chair Frederick D. Go said.

The sale pushed PMO collections to ₱1.87 billion in the first half of 2026, nearly matching its total collections for the whole of 2025 and exceeding its full-year collection target by almost 150 percent.

PHOTO FROM DOF

Chief Privatization Officer Michael Peter A. Alejandro said the property, previously occupied by Bureau of Internal Revenue regional offices, was no longer being used because the building requires retrofitting.

He said strong private-sector interest enabled the government to more than double the property’s initial valuation of around ₱400 million, eventually securing a ₱1-billion selling price.

Alejandro said that the transaction would contribute to funding public infrastructure and social services.

Following the Atrium sale, the government is preparing to privatize about ₱30 billion more in assets, including the Mile Long property in Makati, valued at around ₱10 billion, a portion of the Food Terminal Inc. (FTI) property in Taguig worth about ₱20 billion, and the government’s stake in SMC SLEX Inc., operator of the South Luzon Expressway.

Mile Long is targeted for disposal in the third quarter, while the FTI property and SLEX shares are expected to be offered in the fourth quarter.

The push comes after the Privatization Council approved updated guidelines that expand the modes of asset disposition, including the acceptance of unsolicited offers, to accelerate the sale of idle government properties while strengthening transparency.

Alejandro said the reforms have already generated stronger investor interest. He said his office has been receiving a lot of unsolicited offers from the private sector, which is encouraging.

He added that the PMO remains focused on maximizing the value of government assets through transparent and competitive transactions.

“The successful sale of our Atrium of Makati units reflects the PMO’s continued efforts to bring idle government assets to the market through well-planned and competitive transactions. We will build on this momentum as we pursue other properties for disposition in the pipeline,” he said.