P18-B FM properties still for sale — PCGG

MANILA, Philippines - Sequestered properties of the late strongman Ferdinand Marcos worth some P18.2 billion, including the office building of the Presidential Commission on Good Government (PCGG), remain up for sale, officials said.

PCGG Information Office chief Nick Suarez placed the value of the remaining recovered assets at P18,272,885,344.6.

The EDSA-Mandaluyong property, which houses the PCGG offices, has a value of P129.8 million.

Listed for sale are 12 real estate properties with a combined value of P14.6 billion, including the 184,891-square meter “Payanig” property along Ortigas Avenue in Pasig City; 18 properties with shares of stocks worth P478.3 million; two media outlets with a total price of P3.07 billion; and Hawaii collections of former first lady now Ilocos Norte Rep. Imelda Marcos amounting to P112.5 million.

The Payanig sa Pasig property is valued at P13.8 billion. It was surrendered by businessman and Marcos crony Jose Campos to the commission in 1986. On Aug. 24, 2011, the Supreme Court affirmed the ownership and possession of the government over Payanig sa Pasig.  

Suarez said the PCGG has already sold four real estate properties including the Wack-Wack property in Mandaluyong City; the Hans Menzi compound and Banaue Inn compound in Baguio City; and IRC Mapalad property in Parañaque City.

In connection with the Wack-Wack property, the highest bid received was P127.057 million - 25 percent above the floor price. The notice of award was issued in favor of the highest bidder on Dec. 27, 2011.

The Hans Menzi compound was successfully bidded out on April 24, 2012 for P93.01 million - 150 percent higher than the minimum bid price of P37.2 million.

Suarez said the bidding for the Mapalad property in Parañaque City was recently completed. He said the property was sold for P247 million, lower than its estimated value of P278.6 million.

On May 9, 2012, the Privatization Council approved the PCGG’s proposal to undertake rebidding for the 4,038-square meter Mapalad property with a minimum bid price of P250.7 million.

The PCGG said the government’s Privatization Council has already cleared the sale of the real estate properties through sealed public bidding.

These assets, except those with pending third-party claims, are scheduled for privatization in 2011 to 2014 in accordance with the privatization plan submitted by PCGG to the Department of Budget and Management.

The proceeds from the privatization of surrendered and recovered assets are earmarked for the implementation of Republic Act 9700 or the CARP Extension Law.