Sale of ill-gotten Marcos property nets gov’t P247M

The Presidential Commission on Good Government (PCGG) turned over P247 million to the national treasury this week from the sale of an ill-gotten Marcos property that was surrendered to the government nearly 30 years ago.

PCGG Chair Andres Bautista said the P247.11 million was paid by Ciriaco Realty, the winning bidder for a 4,038-square meter commercial and residential lot on Roxas Boulevard in Parañaque City.

The so-called Mapalad property was part of the ill-gotten assets of the late dictator Ferdinand Marcos which were surrendered to the administration of President Corazon Aquino through the PCGG in 1986 by the late Jose Campos, a Marcos associate.

Ciriaco Realty submitted the highest offer during the second round of a public bidding in March.

The bid surpassed the P216 million readjusted minimum price after the first round of bidding failed last year because the submitted bids were lower than the original floor price of P250.7 million set by the Privatization Council.

Under the presidential order that created the PCGG in 1986, all proceeds from recovered ill-gotten assets of Marcos, his family and their associates are to be used for the agrarian reform program.

With the conclusion of the Mapalad property sale, Bautista said the PCGG had remitted to the Bureau of Treasury P284.4 million so far this year. The agency aims to remit P450 million in 2013.

The PCGG remitted P567 million and P268.4 million to the treasury in 2012 and 2011, respectively.

This does not include the P70.2 billion that the PCGG remitted in October 2012 after recovering 24 percent of San Miguel Corp. shares, including dividends and accrued interest, which the government had claimed were acquired with the coco levy funds.

“This constitutes the largest single recovery of the commission to date,” the PCGG said.

From 1986 up to the end of 2012, the PCGG turned over a total P164 billion to the national coffers.

Under Bautista’s term, the PCGG has privatized four sequestered properties, including the Mapalad property, for a combined P477 million.

The three other sequestered properties that were bid out were the Wack-Wack property at Edsa corner Berkeley Street in Mandaluyong City; the Hans Menzi compound in Baguio City, and the Banaue Inn compound also in Baguio City.