The Bureau of the Treasury added around P1.9 trillion worth of non-financial government properties that include roads, hospitals, power plants and irrigation facilities in the National Asset Registry System as of end-December 2021.
It said in a report to Finance Secretary Carlos Dominguez III, the new entries to the consolidated database of non-financial, strategically important state assets involved 5,819 properties, mostly from the Department of Transportation’s attached agencies, with a combined value of P361 billion.
“We will continue to expand the coverage of the NARS to improve the oversight and management of non-financial public assets,” National Treasurer Rosalia De Leon said in the report.
De Leon said as that of Dec. 31, 2021, the P1.9 trillion worth of government properties on the NARS list covered 380,817 properties. These include roads, bridges, school buildings, power plants, towers, hospitals and irrigation facilities.
The BTr launched the NARS in 2017 to maintain a reliable inventory of the national government’s non-financial assets and help in the monitoring, inspection and validation and management of assets under custody by the government.
The Treasury said it continues to enhance the registry system to include more functionalities with the help of development partners such as the World Bank and the Japan International Cooperation Agency.
Among the uses of the NARS data is to support the National Indemnity Insurance Program, which was one of the recommendations of the Interagency Committee on Government Property Insurance composed of the Treasury, the Government Service Insurance System, the Department of Budget and Management and the Insurance Commission.
The NIIP aims to provide adequate and comprehensive insurance protection to socio-economically important government assets against perils such as typhoons, floods, storm surges, earthquakes and volcanic eruptions. Julito G. Rada
De Leon also reported that several acquired properties forfeited in favor of the government were endorsed to the Privatization and Management Office for disposition.