The government intends to sell the land in Pasay City where Star City amusement park is located. This move is part of the Marcos administration’s strategy to privatize certain state assets. The aim is to increase revenue that does not rely on taxes.
In a recent interview with the Inquirer, Finance Undersecretary Maria Luwalhati Dorotan Tioseco confirmed that the land is among several state-owned assets scheduled for sale. This strategy is designed to improve the government’s financial position by generating funds from previously untapped resources.
Star City has long been a popular destination for entertainment and leisure in the area. The park features rides, games, and various attractions that draw both local and international visitors every year. The decision to sell the land has raised questions about the future of the amusement park and its impact on the local community.
The government’s plan comes amidst a broader effort to enhance nontax revenue sources. This includes the sale of various properties and assets across the nation. The aim is to create a more sustainable financial framework that reduces reliance on taxpayer contributions.
The sale process will likely involve public bidding, allowing interested parties to make offers for the land. The government plans to ensure transparency and fair competition during the bidding process. Specific details about the sale timeline and bidding conditions have yet to be announced.
With growing interest in the privatization of state assets, many analysts predict significant interest from private investors. The local economy could see a shift depending on who ultimately acquires the land and how they choose to develop it.
There are concerns that selling such a popular site could lead to changes in the community’s engagement with entertainment options. Locals rely on Star City for recreational activities, and any new developments might impact the availability of these leisure activities.
Officials are committed to addressing community concerns as the process unfolds. They aim to keep the public informed and involved in discussions regarding the potential sale. The government believes that the proceeds from this privatization effort could also help fund other critical projects and services.
The move reflects a growing trend among governments worldwide to explore privatization as a means to bolster financial health. The Philippines is following suit, looking to modernize its approach to asset management and revenue generation.
The potential sale of Star City’s land marks an important step in this strategy, leading to speculation about the implications for the site and its significance to the Pasay City community.