Sequestered firms’ revenues up by 20%

Revenues of companies sequestered by the government from deposed strongman Ferdinand Marcos and his cronies jumped by nearly 20 percent or P5.1 billion in 2011.

In a consolidated report, the Presidential Commission on Good Government (PCGG) said 11 sequestered and surrendered corporations generated total revenues of P31.2 billion in 2011, up by 19.5 percent from P26.1 billion in 2010.

PCGG Chair Andres Bautista said the higher revenues could be attributed to enhanced management practices of officers and improved monitoring of operations.

“In line with best practices and corporate governance principles of fairness, accountability, and transparency, as we have done in the past, we will be making public our report on the performance of the surrendered and sequestered corporations for the year 2011,” Bautista added.

“The public can visit our website (www.pcgg.gov.ph), so that they can read the report for themselves,” he said.

UCPB tops in income

Of the 11 sequestered firms, the United Coconut Planters Bank posted the highest income with a total P3.048 billion.

Other companies reported the following 2011 revenues: Cocolife, P241.761 million; CIIF-Oil Mills Group, P149 million; IBC-13, P55.92 million; Cocogen, P46.51 million; IRC Group of Companies, P39.256 million; Baseco, P17.129 million; Cocofinance, P14.167 million; and Chemfields, P1.1714 million.

To generate more revenues, PCGG is currently privatizing other properties tagged as ill-gotten wealth  during Marcos’ time.

Most recently, PCGG earned P93 million from the successful bidding of the Hanz Menzi compound, a one-story house that sits on a prime lot near Baguio’s tourist sites.  The sale is up for approval by the finance department’s Privatization Council.

The bid, won by Comnet  Management Corp., was almost thrice the minimum bid price of P37.245 million.  The firm won over six other bidders during the April 24 auction.

PCGG is also set to auction the P278.62 million Mapalad property on Roxas Boulevard in Parañaque City, another lot surrendered in 1986 by former Marcos associate Jose Y. Campos to the government.

The commission has so far recovered P93.42 billion in ill-gotten wealth and surrendered property from Marcos and his alleged cronies.