The Presidential Commission on Good Government (PCGG) announced today that the Privatization Council, headed by the Department of Finance (DOF) has approved recently the proposed sale via public bidding of seven (7) properties worth PhP65.8 Million, which form part of the ill-gotten wealth accumulated by former President Ferdinand E. Marcos, his cronies and associates.

Among the real properties scheduled to be privatized are three properties that were forfeited from former National Bureau of Investigation (NBI) Director Jolly Bugarin in favor of the Republic by virtue of Supreme Court decision dated 6 August 2012. Said properties consist of a 2,335-square meter land located in Tagaytay City, and parcels of land in Puerto Galera and Calapan, Oriental Mindoro. Bugarin, during his incumbency as a Director under the Marcos administration from 1967 to 1986, was able to acquire the said properties in excess of his government compensation.

The Privatization Council also approved the proposed sale of the Benedicto-owned BBC-Legazpi and BBC-Naga properties that were surrendered to the Republic/PCGG, by virtue of the Compromise Agreement between PCGG and former Ambassador Roberto S. Benedicto. The properties consist of a 5,161-square meter land in Legazpi City and a land measuring 5,952 square meters located in Naga City. Benedicto is a known crony and close associate of former President Marcos, who served as the Philippines’ ambassador to Japan for six years in the early 1970s.

Another property is in Caloocan City, ceded to the Republic/PCGG by virtue of a 1994 Compromise Agreement between PCGG and spouses Alejo and Teresita Ganut. Mr. Ganut served as the aide and valet of former President Marcos.

Completing the list is the Wigwam Compound property that was ceded to the government by Jose Y. Campos in March 1986, located in Baguio City, with an area of 1,146 square meters. Campos is also a known associate of former President Marcos who held in trust for him several properties, assets and corporations. Among the Marcos assets he voluntarily surrendered is the 18-hectare Payanig sa Pasig property.

Public bidding of the said properties is expected to be held in March this year. PCGG Chairman Richard T. Amurao said that he welcomes the approval granted by the Privatization Council on the said properties and he expressed confidence that the PCGG will receive competitive bid offers during the auction sale.

For the year 2016, the Commission is targeting to generate a total amount of PhP383 Million for turnover to the Bureau of the Treasury. PCGG is hopeful that other assets still under consideration shall be approved in due time to meet its target.

PCGG is also expected to ask the Privatization Council’s clearance to auction the Marcos jewelry. Based on the recent appraisal by Christie’s and Sotheby’s, the value of the jewelry collection has significantly increased. Among the massive jewelry collection of the Marcoses is a rare 25-carat pink diamond.

“We will continue to work even harder in carrying out one of our major tasks, which is to privatize surrendered and recovered ill-gotten assets of the Marcoses and his cronies with proceeds going to its true owners, the Filipino people. PCGG shall remain assiduous in our mandate as long as there are Marcos ill-gotten wealth yet to be recovered,” Chairman Amurao said.

Since 2010, PCGG has successfully privatized close to PhP 1 Billion pesos of Marcos-related ill-gotten assets with the proceeds remitted to the Bureau of the Treasury. All of PCGG’s privatizations are approved by the Privatization Council, the government’s highest approving committee on privatization.

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