P157 M worth of sequestered properties from Marcos ally sold

MANILA, Philippines - Properties worth P157.7 million that the government had sequestered from the estate of the late National Bureau of Investigation (NBI) director Jolly Bugarin have been successfully sold at public auction.

These include a house and lot measuring 727 square meters in North Greenhills, San Juan; a 721-square meter property in Valle Verde III in Pasig; and a 582-square meter lot in Capitol Hills, Diliman Quezon City.

Presidential Commission on Good Government (PCGG) Chairman Andres Bautista said the combined winning bids of P157.7 million for the three properties was 38 percent more than the combined minimum bid price of P114.3 million set by the inter-agency Asset Privatization Council.

“We cannot yet disclose the identities of the winning bidders because the PCGG will still need to endorse the results of the bidding process, including our recommendation to the Privatization Council,” he said. “Once approved by the council, then we will make an official announcement.” 

The auction attracted a total of 29 bidders, he added.

The North Greenhills property with a floor price of P60.743 million was sold for P83.126 million, the property in Valle Verde with a floor price of P45.471 million fetched P64.024 million.

The Capitol Hills lot had a floor price of P8.148 million but was sold for P10.551 million.

The government claimed the properties of Bugarin late last year after 27 years of litigation to prove that they were ill-gotten.

Proceeds of the auction will be used for the government’s Comprehensive Agrarian Reform Program, Bautista said.