The IRC Group of Companies, a group of surrendered companies formerly owned by known Marcos associate, Jose Y. Campos now under the Presidential Commission on Good Government’s (PCGG) watch, reported a 35% increase in its net income of P62.4 million in 2015, as compared to its P46.1 million net income from 2014.

In its 2015 accomplishment report, General Manager Luis Quiogue said the positive results were boosted by rental income from the recovery of a 1.1-hectare portion of the 18.5-hectare Payanig sa Pasig (Payanig) property located in the Ortigas Central Business District, by virtue of a court order issued by the Pasig Metropolitan Trial Court in November 2014. Major sections of the property, though, are still currently occupied by several non-paying tenants, which have caused the government to lose close to P2 billion in revenues during the past ten years. The Mid-Pasig Land Development Corporation (MPLDC), which is part of the IRC Group, is the registered owner of the property.

To mitigate these losses, IRC management, with support from the PCGG and the office of the Solicitor General (OSG), have filed cases against the illegal occupants in Payanig. Several of these cases remain undecided in the Pasig courts and the Court of Appeals.

Last December 2015, the OSG, as the government’s statutory counsel, also filed a motion with the Court of Appeals, to refer the land titles held by Blemp Commercial of the Philippines, Inc. (Blemp) to authentication experts from the National Bureau of Investigation for them to examine the authenticity of the titles. In this motion, the OSG questioned why there were two different versions of the land titles presented by Blemp.

The IRC Group further noted in its accomplishment report that it has so far remitted to the government a total of almost P1 billion over the past five years, during President Aquino’s administration. It has also, since its surrender to the government in 1986, privatized Marcos assets in the amount of P2.2 billion. The IRC Group considers the Payanig property as the single, largest property owned by the Marcoses and recovered by the government. As it now stands, its valuation is P20 billion.

On the PCGG’s part, Chairman Richard T. Amurao credits the improved performance and sustained growth of the said surrendered group of companies to the sound management policy between the PCGG and the said companies.

To further strengthen and institutionalize corporate integrity within the surrendered group of companies, recently, the PCGG has signed a Memorandum of Agreement with the Makati Business Club (MBC) through the Integrity Initiative, with the end goal of improving its overall performance and accountability to the government and the people.

Chairman Amurao assured that, “PCGG will continue to make sure that the government’s interests in these surrendered companies are well protected.” He is hopeful that the outcome of PCGG’s continuous efforts to redefine its role in the companies under its watch will result in more positive income flows in preparation for future plans of privatization, which is the main objective of companies surrendered to the PCGG as part of Marcos ill-gotten wealth.