PCGG seized P3 for each P1 spent in 2011

The Presidential Commission on Good Government (PCGG) recovered almost P3 for every peso it spent for its operations in 2011, turning over to the national treasury P268.5 million in recovered ill-gotten wealth of late strongman Ferdinand Marcos and his alleged cronies.

PCCG issued the report this week as it vowed to push recovery efforts this new year, targeting P405.723 million in supposed stolen money, which is now the subject of litigation in various courts.

“The past year, our efforts were focused on trying to stem the tides of corruption, trim out the excesses, and revitalize the corporations under our Commission’s purview, so as to preserve and secure their long-term financial viability,” PCGG Chairman Andres Bautista said in a statement.

PCGG had a P93 million budget last year, a “relatively small” allocation.  Its 2012 budget is P3 million higher at P96 million. Tarra Quismundo