Tag: Philpost

The Government has decided to privatize Philippine Postal Corp. (Philpost) through a direct sale of government shares as it placed the state-owned firm under the list of major public assets to be sold in 2006. Another privatization option being studied previously was to offer government shares in Philpost through an initial public offering. Finance Undersecretary Gabriel Singson Jr. told reporters that the privatization through direct sale of shares has been approved by the Privatization Council, which believed it was timely to sell the asset given its recent financial turnaround. The finance official, who is in charge of the government’s privatization efforts, noted that after accumulating losses, Philpost finally recorded an income in 2004. Documents showed that the state-owned firm posted a net income of P99 million as revenues rose 3.2 percent to P3.67 billion.