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PCGG to sell two Baguio lots

Posted June 23rd, 2012 by Florante S. Solmerin
[ manilastandardtoday.com ]

The Presidential Commission on Good Government said Friday it obtained the go-signal from the Privatization Council to auction two more surrendered properties owned by the family of the late dictator Ferdinand Marcos in Baguio City.

PCGG chairman Andres Bautista said the agency would dispose of the 17,516.20-square meter J. Y. Campos complex and the 2,677-sq. m. Baguio Inn compound along Outlook Drive North in Baguio City in August this year for a minimum bid price of P152.691 million and P7.496 million, respectively.

Bautista expressed confidence the PCGG would successfully bid out the properties.

“With the successful public auction in April 2012 of the Hanz Menzi compound also located in Outlook Drive North in Baguio City, which fetched more than P93 million or a premium of about P56 million from its minimum bid price of only P37 million, I have no doubt that the subject properties the PCGG will dispose will command the same level of interest from potential bidders,” Bautista said.

“The two properties are considered as good investment opportunities owing to their proximity to the Wright Park and Mines View Park, two of the favorite tourist destinations in Baguio City. The PCGG is very optimistic that once the Tarlac-Pangasinan–La Union Expressway begins its operation, Baguio City will reclaim its position as the tourist capital of the Philippines,” he said.

The law requires PCGG to remit all proceeds from privatization to the government’s Comprehensive Agrarian Reform Program.

Meanwhile, PCGG Commissioner for the asset management department Richard Amurao, concurrently chairman of the bids and awards committee, said the agency would endorse the results of the auction to Privatization Council, which is headed by the Finance Department, for final approval.

The PCGG said it had remitted privatization proceeds of P93.421 billion to the national government as of December 2011.

The J.Y. Campos and the Banaue Inn compounds are among the assets and properties ceded to the government in 1986 by Marcos crony Jose Yao Campos. Another property surrendered by J.Y. Campos is the 18.5-hectare Payanig sa Pasig property, considered the crown jewel among the assets turned over to the government. The PCGG also plans to privatize the property within the year.

(Published in the Manila Standard Today newspaper on /2012/June/23)
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