PCGG to sell P240 M worth of sequestered FM properties

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) plans to sell this year almost P240 million worth of properties sequestered from the cronies of the late dictator Ferdinand Marcos.

Data from the PCGG showed that four real estate properties with a total value of P202,213,390 and shares of stocks worth P37,284,250 have been approved for privatization.

The assets were formerly owned by known Marcos cronies Jose Campos and former National Bureau of Investigation chief Jolly Bugarin.

The real estate properties include the 727-square meter residential property of Bugarin in North Greenhills in San Juan City with an estimated value of P23,639,060 and the 17,516-square meter property of Campos in Baguio City worth P160 million.

Also up for sale are the 582-square meter land in Capitol Hills in Diliman, Quezon City worth P3,492,000 and the 721-square meter Valle Verde property in Pasig City worth P15,082,330.

The PCGG is also looking at selling Bugarin’s shares at the Makati Sports Club and Showa worth 250,000 and P37,034,250, respectively.

On June 21 last year, a writ of execution was issued in favor of the PCGG to forfeit ill-gotten properties of Bugarin.

Since its creation in 1986, the PCGG had recovered P166 billion or over $4 billion of the estimated $10-billion ill-gotten wealth of the Marcoses and their cronies.

Under then President Corazon Aquino’s Executive Order No. 1 creating the PCGG, all recovered assets will go to the agrarian reform program.