Marcos property in Baguio auctioned off for $2.16 million, reports PCGG

InterAksyon.com, citing information from the Presidential Commission on Good Government (PCGG), reports that "a prime 3,900-square-meter (41,000-square-foot) property once owned by the late ousted President Ferdinand Marcos was acquired by a real estate firm for $2.16 million (₱93 million)."

InterAksyon.com, citing information from the Presidential Commission on Good Government (PCGG), reports that "a prime 3,900-square-meter (41,000-square-foot) property once owned by the late ousted President Ferdinand Marcos was acquired by a real estate firm for $2.16 million (₱93 million)."

 

The report quoted the PCGG chief information officer Nick Suarez, who said, "It was a very successful, transparent bidding." Suarez added that "the final price was more than three times the minimum bid, added Suarez."

 

However, Suarez also revealed that "another Marcos property, a 4,000-square-meter lot on Manila Bay with a minimum price of P278.6 million, failed to sell after no bidders showed up." According to the InterAksyon.com report, both the Baguio and Manila Bay properties "were surrendered to the government by Marcos crony Jose Yao Campos in 1986 in exchange for immunity after a popular revolt toppled the regime earlier that year."

 

For more on this story, log on to InterAksyon.com.

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