THE Presidential Commission on Good Government (PCGG) on Sunday said it will auction off the real estate property owned by businessman Jose Campos, a former crony of the late strongman Ferdinand Marcos.
The PCGG said that the 17,516 square meter property in Baguio City surrendered by Campos in 1986 will be sold through sealed public bidding on December 4, with a minimum bid price of P159.264 million based on its latest appraisal conducted by a private appraisal company in May 2013.
The Privatization Council of the Department of Finance has approved the auction of the property. Proceeds of the sale will be remitted to the National Treasury to finance the government’s Comprehensive Agrarian Reform Program (CARP).
The PCGG expressed confidence that the increasing interest of private firms in the real estate industry and the strategic location of the JY Campos property in the country’s summer capital would attract more bidders, thus generating higher value for the property.
In 2012, the commission privatized a number of surrendered real estate properties include the Hanz Menzi property in Baguio City for P93 million; Banaue Inn Compound also in Baguio City, P10 million; and a Wackwack property in Mandaluyong City for P127 million.
In March 2013, the Mapalad property in Parañaque City was sold for P247 million.
Through its efforts to recover ill-gotten wealth and privatize surrendered properties, the PCGG has already remitted to the National Treasury for CARP a total of P87 billion as of June 2013.
The agency remitted P567 million in 2012 and P268.4 million in 2011 to the national treasury.
The Commission said P284.4 million was remitted to the treasury during the first half of this year, more than half of its P450 million target this year.
Some of Marcos’s allies surrendered the assets they were holding for the ex-president as part of settlement deals with government while he and his family fled abroad after his downfall.