MANILA, Philippines --- The government will auction two real estate properties that formerly belonged to the Marcos family in Baguio City in a public bidding in August.
The Presidential Commission on Good Government (PCGG) identified the properties up for as the 17,516.20 square-meter J.Y. Campos compound and the 2,677 square-meter Baguio Inn compound located along Outlook Drive North.
PCGG chairman Andres Bautista said the properties would be auctioned off for a minimum bid price of P152.691 million and P7.496 million, respectively.
Earlier, the PCGG Privatization Committee privatized the Hanz Menzi compound in the same prime location for P93 million, which the Commission has remitted to the Comprehensive Agrarian Reform Program fund.
“With the successful public auction in April 2012 of the Hanz Menzi compound also located in Outlook Drive North in Baguio City, which fetched more than P93-million or a premium of about P56-million from its minimum bid price of only P37-million, I have no doubt that the subject properties the PCGG will dispose will command the same level of interest from potential bidders,” Bautista said.
PCGG Commissioner for Asset Management Department Richard Amurao, who is designated in concurrent capacity as chairman of the Bids and Awards Committee for the properties, said the two properties are considered as good investment opportunities owing to its proximity to Wright Park and Mines View Park, two of the favorite tourist destinations in Baguio City.
Amurao emphasized that after bidding out the properties, the PCGG will endorse the results to the Privatization Council, which is chaired by the Department of Finance, for final approval.
“The proceeds of the sale would go to CARP as additional funding source as mandated by law,” Amurao said. PCGG’s efforts to recover ill-gotten wealth and privatize surrendered properties have generated P93.421 billion for government as of December 2011.
The J.Y. Campos compound and the Banaue Inn compound are among the assets and properties ceded to the Philippine Government in 1986 by Marcos crony Jose Yao Campos.
source: mb.com.ph
