The Philippine Government is committed to a free market economy. There is, however, significant direct government involvement in the country's economic activity through both economic planning and the state-ownership of numerous corporations involved in certain strategic sectors, such as banking, power-generation, oil production and transportation.The Privatization and Management Office (PMO), an agency under the Republic of the Philippines' Department of Finance (DOF), is mandated to be the marketing arm of the government with respect to transferred assets, government corporations and other properties assigned to it by the Privatization Council (PrC) for disposition.The PMO succeeded the powers and functions of the defunct Asset Privatization Trust (APT) whose corporate term ended on December 31, 2000 pursuant to Republic Act No. 8758 (RA 8758), as amended. RA 8758 mandated that upon the expiration of the APT's corporate life, all powers, functions, duties and responsibilities, all properties, real or personal assets, equipment and records, as well as obligations and liabilities devolved upon the National Government (NG). Thus, EO 323 was promulgated to create the PrC and the PMO to take over the functions of the Privatization Committee and APT, respectively.More information can be found at https://www.pmo.gov.ph