Agency to sell Mandaluyong, Baguio properties

Monday, July 11, 2011

TWO prime properties surrendered by a known Marcos crony will be put up for sale, said the agency tasked to recover the ill-gotten wealth of the late dictator Ferdinand Marcos, his family members, and cronies.

A property along Edsa, the Philippines' busiest thoroughfare, and another in Baguio City, which total P138.852 million all in all, will be sold through sealed public bidding, the Presidential Commission on Good Government (PCGG) said on Monday.

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Located in Mandaluyong, the Edsa property is in front of the Asian Development Bank and SM Megamall, adjacent to the MRT Ortigas Station, and is within walking distance to other commercial establishments that include Robinson's Galleria and Edsa-Shangrila Hotel.

The Edsa property covers commercial land measuring 2,012 square meters with a minimum floor price of P101.606 million, PCGG Commissioner for Asset Management Richard Roger Amurao said.

Meanwhile, the Baguio property on the auction block is the Hanz Menzi compound located along Outlook Drive North in Baguio City.

The property, which has a one-storey residential house with concrete walkways and driveway, is adjacent to tourist spots such as Mines View Park, The Mansion House, and Wright Park.

Bidding for the 3,875.57 square-meter compound, situated in a residential area, is expected to begin at P37.246 million.

"The PCGG's decision to dispose the said properties is in line with the commission's privatization program schedule crafted under our new leadership headed by Chairman Andres Bautista," Amurao said.

The agency has already secured clearance from the Privatization Council for the sale of the two properties.

Amurao said the PCGG is confident that the properties would attract more bidders, thereby generating higher value for the property.

The two properties were part of the assets surrendered to the National Government by known Marcos crony, Jose Yao Campos in 1986.

Sale proceeds would go to the Comprehensive Agrarian Reform Program, in accordance with Republic Act 6657.

Earlier, the PCGG said it has already remitted some P93 billion from the ill-gotten wealth of the Marcoses and the sale of surrendered properties since the Commission's inception in 1986. (AH/Sunnex)