The Presidential Commission on Good Government (PCGG) announced today that it has recently successfully bidded out two Marcos ill-gotten propoerties. The PCGG Bids and Awards Committee (BAC) concluded a public bidding on the 1,032 sq.m. Wigwam Property located along Outlook Drive in Baguio City. Among the 5 bidders who submitted their bid, Mr. Rey Florence T. Reyes submitted a bid of P20,742,600.00. This was 50.8% higher than the Privatization Council’s (PrC) approved floor price of P13,752,000.00
The Wigwam property is one of the Marcos ill-gotten wealth properties owned by the Independent Realty Corporation (IRC).
The other property up for auction, a 5,161 sq.m. commercial property located in Legazpi City was surrendered in 1990 by Roberto S. Benedicto, a known Marcos crony. Mr. Jackson S. Candano emerged as the highest bidder, among 5 individual bidders, after submitting a bid of P33,200,000.00. The bid was 74.5% higher than the PrC approved floor price of P19,021,000.00.
The PCGG BAC will recommend to the Commission en Banc the awards of sale to the highest bidders, which will then be subject to the confirmation of the PrC.
The proceeds from these dispositions shall be remitted to the Bureau of the Treasury in support of the government’s Comprehensive Agrarian Reform Program.
Since 2010, the PCGG has successfully privatized Marcos ill-gotten assets close to P1 Billion.