The Privatization Management Office (PMO) is the successor agency of the Asset Privatization Trust (APT). Upon the expiration of APT’s term on December 31, 2000, Executive Order (EO) No. 323 entitled “Constituting an Inter-Agency Privatization Council and Creating a Privatization and Management Office (PMO) under the Department of Finance for the Continuing Privatization of Government Assets and Corporations” was issued wherein the government restated its privatization policy to promote an orderly, coordinated and efficient privatization of remaining government corporations, assets, activities and idle properties which have been identified as unnecessary and inappropriate for the government sector to maintain.

In said EO, the Privatization Council was given the power to determine which of the said assets shall be referred to other government institutions for disposition. The Batong Buhay Gold Mines, Inc. and North Davao Mining Corporation were entrusted by the Privatization Council to the PMO as disposition entity.

However, as the PMDC was incorporated primarily to engage in the business of, among others, the exploration and development of minerals, mineral deposits and other mineral substances, the Privatization Council eventually decided to designate the PMDC, in lieu of the PMO, as “Trustee” and disposition entity for Batong Buhay Gold Mines, Inc. and North Davao Mining Corporation in order to have a comprehensive and holistic approach to the development and strengthening of the mining industry.