Gov’t to bid out Baguio property for P159 M

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) will auction off next month the 17,516-square-meter J.Y. Campos compound in Baguio City for P159.264 million.

The J.Y. Campos compound is one of the properties surrendered to the government by known Marcos crony Jose Campos in 1986.

The PCGG said the property would be sold through a sealed public bidding on Dec. 4. The minimum bid price of P159.264 million was based on an appraisal conducted last May.

The PCGG said the Privatization Council of the Department of Finance approved the sale of the property.

The PCGG expressed confidence that the increasing interest of private firms in the real estate industry and the location of the Campos property would attract more bidders and generate higher value.

In 2012, the commission privatized a number of surrendered real estate properties, including the Hanz Menzi property in Baguio City for P93 million; Banaue Inn Compound also in Baguio City for P10 million; and the Wack-Wack property in Mandaluyong City for P127 million.

In March, the agency sold the Mapalad property in Parañaque City for P247 million.

As of June this year, the commission has remitted a total of P87 billion to the National Treasury.