The government will sell several assets of PNOC Development and Management Corp., the real estate arm of state-owned Philippine National Oil Co.
“We’re rationalising the real estate holding of PNOC. This means we have to sell what have to be sold, rent what needs to be rented out. We don’t want an asset that is not moving,” Energy Secretary Jose Rene Almendras said.
PDMC, one of the five subsidiaries of PNOC, is engaged in industrial estate development and management. The company manages a 123-hectare property in Rosario, Cavite.
“A lot of the assets are actually being used. Step 1 was to inventory the housing developments in Cavite and all that so I’m just making sure that there are no idle assets in the portfolio. We sold some assets in Bohol, in some other places which has no value to us, so we might as well dispose it,” Almendras said.
Almendras said he does not want PNOC to “build a mall” because it is not part of its mandate, although PDMC is presently looking at some joint venture agreements.
“We’re in talks [for possible joint venture] but we cannot disclose it yet because it’s not yet final,” he said.