Philippines to sell P315.8-M Marcos properties
MANILA, Philippines—The Presidential Commission on Good Government (PCGG) said Saturday it will auction off two properties once owned by late dictator Ferdinand Marcos for at least P315.8 million ($7.3 million).
Prime real estate in a Manila suburb and the northern mountain resort city of Baguio will be sold through public bidding on April 24, said the PCGG, an agency set up to recover the ill-gotten wealth of Marcos and his cronies.
The two properties, totalling 7,913 square meters (85,170 square feet), were surrendered to the government by Marcos crony Jose Yao Campos in 1986 after a popular revolt toppled Marcos earlier that year.
“We are confident that… the strategic location of the properties (would) attract more bidders, generating higher value,” said PCGG commissioner Roger Amurao.
The Manila property is located opposite a major leisure and casino project while the one in Baguio is situated near popular tourist attractions, the commission said.
Marcos ruled the country from 1965 to 1986, much of this time as a dictator. His family and their allies are accused of stealing billions of dollars in state funds during this period.
While Marcos and his family fled abroad after his downfall, some of his key allies surrendered assets they were holding for the ex-president as part of settlement deals with government.
The PCGG aims to use the recovered funds for a land reform program.
The commission said that P93.4 billion had so been recovered. The agency hopes to claw back P405.7 million this year.
However the commission has long complained that the lack of a paper trail and delaying tactics employed by lawyers for the Marcos estate prevented it from recovering more.
Although Marcos died in exile in 1989, his family has since returned to the Philippines. His widow Imelda Marcos and their son, also named Ferdinand, were elected to Congress in 2010.
