PCGG to sell off Marcos properties

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) announced yesterday that it is set to auction pieces of prime real estate formerly owned by the late strongman Ferdinand Marcos.

PCGG chairman Andres Bautista said there will be a public bidding on April 24 for the 4,038-square meter Mapalad property, across the Belle Grande project, along Roxas Boulevard in Parañaque City and the 3,876-square meter Hans Menzi compound along Outlook Drive North in Baguio City.

The minimum floor price of the Mapalad property is at P278.6 million while that of the Baguio compound is P37.2 million.

PCGG commissioner for asset management Richard Roger Amurao said the sale of the properties through sealed public bidding has been approved by the Privatization Council of the Department of Finance.

He said the two properties were part of the assets surrendered to the national government through the PCGG by Marcos crony Jose Yao Campos in 1986.

Amurao said the proceeds of the sale would go to the Comprehensive Agrarian Reform Program.

Through the PCGG’s efforts to recover ill-gotten wealth and privatize surrendered properties, a total of P93.421 billion has so far been remitted to the government as of December 2011.