Manila, Philippines - The Presidential Commission on Good Government will again hold an auction of two more prime real estate properties in Baguio City owned by the Marcos family that were surrendered to the PCGG by the late Marcos business associate Jose Yao Campos.
PCGG chairman Dean Andres Bautista said the PCGG privatization committee is set to dispose through sealed public bidding in August the 17,516.20 square-meter J. Y. Campos compound and the 2,677 square-meter Baguio Inn compound both in the city’s Outlook Drive North for a minimum bid price of P152.691 million and P7.496 million, respectively.
Bautista expressed confidence that with the successful public auction last April 2012 of the Hanz Menzi compound in Outlook Drive North also in Baguio City, there was no doubt that the two properties “will command the same level of interest from potential bidders.”
The property fetched more than P93 million or a premium of about P56 million from its minimum bid price of only P37 million.
The two properties are considered as good investment opportunities owing to its proximity to the Wright Park and Mines View Park, two of the favorite tourist destinations in Baguio City.
Bautista said proceeds of the sale would be used to fund the Comprehensive Agrarian Reform Program as mandated by law. A total of P93.421 billion in proceeds from the sale of Marcos properties had been remitted to the national government as of December 2011.