Sale of FM assets seen by 2014

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) hopes to sell next year some P18.2 billion worth of sequestered properties of the late dictator Ferdinand Marcos.

“We will try our best,” PCGG chairman Andres Bautista said, referring to the agency’s target of disposing of the assets from 2011 to 2014.

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

The PCGG has sold four     sequestered real estate properties including one in Wack-Wack in Mandaluyong City, the Hans Menzi compound and Banaue Inn compound in Baguio City, and the IRC Mapalad property in Parañaque City.

Proceeds from the privatization of surrendered and recovered assets are earmarked for land reform under Republic Act 9700 or the Comprehensive Agrarian Reform Program Extension Law.

Created in 1986, the PCGG is in charge of recovering the ill-gotten wealth of Marcos, his family and cronies. The Marcoses are believed to have amassed some $10 billion during the 20-year rule of the late strongman.

The PCGG has turned over P164 billion in ill-gotten wealth of the Marcoses to the National Treasury.

For Aurora Rep. Juan Edgardo Angara, the government should find ways to speed up the sale of sequestered Marcos assets to ensure steady funding for land reform.

“The faster these assets are privatized, the faster our farmer-beneficiaries and their families will be able to benefit from the CARP, sustain their livelihood, and attain justice,” said Angara, who is also running for senator under Team PNoy.

Angara said bigger spending on agriculture as well as on education “will help solve the vexing problems of poverty and unemployment in the rural communities.”

“Our main idea on how to combat rural poverty is really just to harness the resources found in the rural areas – to enhance the economic opportunities right in the areas where the rural poor reside,” he said.