The Cabinet-level Privatization Council has given the government the green light to dispose of the sprawling Food Terminal Inc. property in Taguig City and a portion of its stake in PNOC–Exploration Corp. to raise much-needed revenues and put in check the country’s deteriorating fiscal condition.

Finance Undersecretary for privatization Crisanta Legaspi told reporters the Privatization Management Office would issue the terms of reference for the auction of 103 hectares of the 120-hectare FTI property next month.

She said about 79 hectares of the property was ready for development. Another 24 hectares are covered by long-term leases from the Philippine Economic Zone Authority.

About 17 hectares of the entire property, meanwhile, are owned by ailing National Food Authority.

“The process will involve a block sale so the developer will have flexibility to develop the property in the best way possible,” said Legaspi.

She said council also approved the sale of 40 percent of PNOC Exploration Corp. by the end of September this year.

Legaspi said Philippine National Oil Co., the mother company of PNOC-Exploration, was the disposing entity of the shares. The state will announce the floor price for the shares closer to the bidding date.

Legaspi said the government had tapped Citibank and ATR-KimEng Securities Inc. as financial advisors for the sale of PNOC-Exploration shares.

Earlier, Finance Secretary Margarito Teves said the government hoped to raise P10 billion from the sale of the FTI property in Taguig City and P11 billion from the disposition of its shares in wholly-owned PNOC-Exploration.