The Department of Finance (DOF) announced that the Philippine government intends to divest its mining shares in Semirara Mining and Power Corporation by 2025.
In a report by Business Mirror, Finance Undersecretary and Chief Economist Domini S. Velasquez mentioned that discussions are underway regarding the privatization timeline, which she anticipates will happen within the span of 2025.
The government currently holds over 145 million shares in Semirara, and the move is part of a broader strategy to generate revenue and narrow the national budget deficit.
To mitigate the fiscal gap, the government aims to raise approximately Php 42 billion in 2024 and Php 101.02 billion in 2025 through privatization efforts.
Velasquez added that the department had been considering increasing its nontax revenues by selling idle assets that are currently not in use. She emphasized that these assets, many of which are located in Metro Manila, can generate substantial revenue while also increasing in value.
