President Ferdinand Marcos Jr. has issued Administrative Order No. 50, placing the management and administration of the 2.29-hectare Mile Long Property in Makati City back under the Privatization and Management Office (PMO) to fast-track its disposition.
The order revokes previous directives that delegated management responsibilities to other government bodies, effectively centralizing control within the Finance Department’s privatization arm.
“Reverting the administration and management over the Mile-Long Property to the Privatization and Management Office will optimize the administration and disposition thereof, and generate revenues to fund priority government projects,” the directive stated.
Located along Amorsolo Street and Chino Roces Avenue in the Makati Central Business District, the multi-billion-peso real estate complex has been slated for public bidding as part of the administration’s fiscal strategy to raise non-tax revenue and clear state asset backlogs.
Under Administrative Order No. 50, the PMO is directed to coordinate with relevant government agencies to ensure a seamless transition and execute the valuation, master planning, and disposition of the prime urban land parcel.
The executive directive takes effect immediately upon publication.