Philippines Government Secures Over P1 Billion from Sale of Idle Makati Asset

MANILA, Philippines — The Marcos administration has sealed the P1-billion sale of Atrium of Makati to Sanpiro Realty Development Corp., one of the four idle assets lined up for disposal in 2026 as the government accelerates efforts to raise privatization revenues. The Department of Finance (DOF), through its Privatization and Management Office (PMO), has completed the sale of the building’s fifth floor, covering 24 condominium units and 21 parking slots. The PMO serves as the marketing arm of the government in terms of transferred assets, government corporations and other properties assigned to it by the Privatization Council for disposition. Finance Undersecretary and chief privatization officer Michael Peter Alejandro said the P1-billion sale of the Makati units fetched more than double the P400 million initial value. “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,” Alejandro said. This sale propelled the PMO collections to P1.87 billion in the first half of 2026. Sanpiro was able to purchase the units by exercising its right of first refusal as the Atrium’s master developer, as stated in the condominium’s master deed. The Department of Finance is aiming to raise an “ambitious target” of P101 billion this year from the sale of government assets, with the PMO lining up big ticket disposals to sustain momentum. Alejandro said the agency is working to sell Food Terminal Inc. (FTI), the Mile Long Complex and shares in South Luzon Expressway Corp. (SLEX). The government currently holds a 20 percent stake in San Miguel Corp.’’s SLEX Inc. “We’re endeavoring to hit that P101 billion. Obviously, a lot of costs have to happen. FTI, Mile Long and we have shares in SLEX – that’s also our target to sell,” he said, noting valuation and market appetite remain key considerations. The Mile Long Complex in Makati, roughly estimated at P10 billion based on zonal value, is slated for sale by the third quarter. FTI’s property in Taguig is expected to fetch around P20 billion, while the government’s 725 million SLEX shares are targeted for disposal in the fourth quarter. The SLEX shares of stock are valued between P12.04 billion and P24.8 billion or P16.61 to P34.21 per share, based on previous PMO documents.