GMA News Online

PHL to reorganize privatization office

August 7, 2012 7:50pm
The Department of Budget and Management (DBM) has approved the plan to reorganize the Privatization and Management Office (PMO), the Department of Finance said Tuesday.
The PMO will retain its core functions, programs and services, such as repossession of delinquent properties, settling conflicts of claim on alien properties, and administering and disposing properties transferred to government, the Finance Department said in a statement.
The reorganized PMO will carry out functions of the Board of Liquidators (BOL), which the PMO absorbed in 2005 pursuant to Executive Order No. 471. It was tasked to close the accounts of BOL and its abolished corporations, the Finance Department noted.
The reorganization will abolish 187 positions in the PMO, retain 72, and create four new positions.
The budget department noted the reorganization will reduce PMO’s appropriation to P27 million or 40.15 percent lower than its 2011 personnel services budget.
Budget Secretary Florencio Abad said the reorganization would attract highly qualified professionals to the PMO.
The affected personnel may avail themselves of the incentives and retirement and separation benefits under existing laws, the Budget Department said.
The PMO is an agency under the Finance Department implementing the marketing program for government corporations, assets and idle properties. — MJC/VS, GMA News
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