The Arroyo administration is not rushing to sell the three prime government assets, including the 103-hectare Food Terminal Inc., to fund its Lakas-Kampi-CMD party's election campaign, Malacañang said Saturday.

Cabinet Secretary Silvestre Bello III said the government is not engaging in "midnight fire sales" of its properties as he also belied allegation made by Nacionalista Party's vice presidential candidate, Sen. Loren Legarda that the money that would be sourced out from the privatization of these assets would be used in "dubious political purposes."

He noted that even during the administrations of former Presidents Fidel Ramos and Joseph Estrada, there were moves to sell the Food Terminal Inc, which is located in Taguig.

"They were selling this property so it would be run better by the private sector. Kung nagkataon ngayon lang nagkaroon ng magandang deal (we only have this chance to have a good deal) that it can be sold at very reasonable price and that the operations will be handled by the private sector, then there is nothing wrong with it," Bello said, in an interview over government-run DzRB.

"Why wait for the next president if we have a good opportunity of getting a good price for a Food Terminal and it will assure our people that the Food Terminal will be handled more capably and better by the private sector so wala tayong nakikitang masama (we don't see anything wrong)," he said.

Legarda said the rush sale of the three "big ticket" items, which also include the Philippine National Oil Co. Exploration Corporation shares, and the lease of the Fujimi property in Japan should be stopped because the government is only raising money for political campaign purposes favoring certain parties.