MANILA, Philippines - The Presidential Commission on Good Government (PCGG) plans to sell two prime real estate properties in Baguio City and in Wack-Wack, Mandaluyong City through a sealed public bidding to raise funds for the Comprehensive Agrarian Reform Program (CARP).
Lawyer Richard Roger Amurao, PCGG Commissioner for Asset Management, said that the 2,012 square meter Wack-Wack property, located at the corner of EDSA and Berkeley street at the EDSA gate of the exclusive village in front of SM Megamall and adjacent to the Metro Rail Transit Ortigas station, is worth P101.606 million while the 3,875.57 square meter Hans Menzi compound in Baguio, along Outlook Drive North has minimum price of P37.246 million.
The minimum value of the two properties was set at P138.852 million.
The PCGG, headed by new chairman, Andres Bautista, has decided to dispose of the properties in line with its privatization program schedule.
Amurao said the government’s Privatization Council has already cleared the sale of the properties in its letter to the PCGG on June 22, 2011 approving its proposal to sell the real estate items through sealed public bidding.
The Wack-Wack property, also fronting the Asian Development Bank and within walking distance to other commercial establishments that include Robinson’s Galleria and EDSA-Shangri-La Hotel, is anticipated to fetch a higher outcome of the sale of said property through competitive public bidding.
To prepare the Wack-Wack property for disposition, the current PCGG administration had to evict a number of informal settlers in the property that turned out to be PCGG employees whose presence in the property was coddled by the previous commission led by controversial Camilo Sabio.
A Commission on Audit report had even noted that the informal settlers in the property had tapped their power connection to the PCGG head office at the Independent Realty Corp. (IRC) building a stone’s throw away also along EDSA in front of Megamall.
On the other hand, the Hans Menzi compound, which has a one-story residential house with concrete walkways and driveway, is situated in a residential area and is adjacent to the famous Baguio tourist spots that include Mines View Park, The Mansion House, and Wright Park.
Amurao expressed confidence that the properties would attract more bidders, thus would generate higher value for the property. He added the two properties were part of the assets surrendered to the government thru PCGG by the late Filipino-Chinese businessmen Jose Yao, founder of the United Laboratoties and self-confessed crony of the late President Ferdinand Marcos.
Campos had forged a compromise agreement with the PCGG then led by former Senate President Jovito Salonga in 1986.
He said that proceeds of the sale in accordance with R.A. 6657 would go to CARP.
Amurao said that that through PCGG’s efforts to recover ill-gotten wealth and privatize surrendered properties, a total of P93 billion has so far been remitted to the national government.