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Monday, August 24, 2009

10 Billion Government Properties for Sale!


Philippine - Government is set to sell at least P10 billion worth of real estate properties in 2010, according to Finance Secretary Margarito Teves.

Bilibid property in Muntinlupa, 18-hectare Ortigas property (held by the Presidential Commission on Good Government) and its real estate lot in Welfare Ville in Mandaluyong City. A word of caution some of these properties have pending administrative issues and Sec Teves said it could be larger than P10 billion once issues are resolved.

On the other hand, the government had hoped to raise only P2.5 billion from the privatization of government assets next year. Thus, the government is eyeing a total of P12.5 billion in revenue from privatization of state-owned assets.

The sale of these real estate properties is necessary as the government has raised next year’s budget deficit to P233.4 billion from P208 billion previously.

Consequently, the government raises targets of revenue generation by BIR (from P798 Billion to 875 Billion in 2010 or a 9.6% increase), the BOC (from P273 Billion to 309 Billion in 2010 or a 13.2% increase).

Now Take This...

Our government is justifying that the expected increase in the BIR’s tax take is due mainly to the expected improvement in the economy next year. qoute "EXPECTED" Improvement. Oh really?

Who would rather believe that these real estate sale could possibly be use to fund the election next year?

And how about this?

Earlier, The DBCC announced that the economy may grow anywhere from 2.6 percent to 3.6 percent in 2010, higher than the revised projected growth range for the year of 0.8 percent to 1.8 percent. Economic growth where? and the tag line... "Ramdam and Kaunlaran!" (Feel the Progress) well I say this in Bisaya "Ramdam ang Kaunloron!" (Feel the Sinking).Now let me hear what you have to say...

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