PCGG reports 23% income hike

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) has reported a 23-percent growth in the combined income of 11 sequestered and surrendered companies in 2012.

PCGG chairman Andres Bautista said the consolidated net income of the corporations grew to P4.05 billion last year, from P3.28 billion in 2011.

The agency’s 2012 annual report showed that United Coconut Planters Bank (UCPB) registered the biggest income of P3.7 billion from P3.048 billion in 2011.

Cocolife generated P325.924 million; CIIF-Oil Mills Group, P 100.632 million; IBC-13, P 70.08 million; Cocogen, P68.68 million; IRC Group of Companies, P40.556 million; BASECO, P54.318; and Chemfields, P1.996 million.

The corporations were surrendered to the government in 1986 after the downfall of the late President Ferdinand Marcos.

Earlier, Bautista said the agency has so far remitted P284.4 million to the National Treasury this year, of which P247.1 million came from the sale of the 4, 038 square-meter Mapalad property in Parañaque City.

The Mapalad property is one of the properties sequestered by the PCGG from known Marcos crony Jose Campos in 1986.

The PCGG aims to remit some P450 million to the government coffers this year.

Last year, the agency has remitted approximately P567 million to the national treasury, excluding the P56.5 billion which the body remitted on October 5, 2012 after San Miguel Corporation redeemed some state-held 753 million shares.

Between 1986 and 2012, it has remitted a total of P164.15 billion to the national treasury.