Philippines sells off Marcos property for $2 mn

The Philippine government on Tuesday auctioned off a prime property once owned by the late dictator Ferdinand Marcos for more than $2 million.

The 3,900-square-metre (41,000-square-foot) lot in the mountain resort city of Baguio was acquired by a real estate firm for 93 million pesos ($2.16 million), said Nick Suarez, of the Presidential Commission on Good Government.

"It was a very successful, transparent bidding," and the final price was more than three times the minimum bid, added Suarez, whose agency is tasked with recovering the ill-gotten wealth of Marcos.

However another Marcos property, a 4,000-square-metre lot on Manila bay with a minimum price of 278.6 million pesos, failed to sell after no bidders showed up, he said.

Both 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.

Marcos ruled the Philippines from 1965 to 1986, much of the time as a dictator. His family and their henchmen are accused of stealing billions of dollars in state funds during this period.

While Marcos and his family fled abroad after his downfall, some of his key allies surrendered assets they were holding for the ex-president as part of settlements with the new government.

Although Marcos died in exile in 1989, his family has since returned to the Philippines. His widow Imelda and their son, also named Ferdinand, were elected to parliament in 2010.

It is not the first time the commission has sold off assets recovered from the Marcoses and their cronies, with the funds raised previously used for land reform.

In October, a lot in an upper-class enclave of Manila also surrendered by Campos was sold for 127 million pesos.

The commission said that at least 93.4 billion pesos have been recovered from the Marcoses and their allies so far. But it has long complained that the lack of a paper trail and delaying tactics by lawyers for the Marcos estate have hampered its efforts.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Phl, Japan sign P9.6-B ODA projects
    Phl, Japan sign P9.6-B ODA projects

    The Philippines and Japan have signed agreements for six official development assistance (ODA) projects amounting to 22.289 billion yen or around P9.6 billion. Foreign Affairs Secretary Albert del Rosario and Japanese Ambassador Kazuhide Ishikawa signed and exchanged notes on Thursday for four of the projects amounting to 2.789 billion yen or around P1.195 billion. …

  • Commission to launch glossary of Pinoy meteorological terms
    Commission to launch glossary of Pinoy meteorological terms

    The Komisyon sa Wikang Filipino (KWF) will release a glossary of meteorological terms in Filipino to help the Filipino people better understand weather forecasts and instill disaster awareness among them. National Artist for Literature and KWF president Virgilio Almario said yesterday the KWF produced the glossary titled Patnubay sa Weder Forkast to simplify scientific terms used in the weather bulletins of the Philippine Atmospheric Geophysical and Astronomical Services Administration …

  • Divorce bill good scapegoat for couples – CBCP
    Divorce bill good scapegoat for couples – CBCP

    Contrary to what romance novel writers would want their readers to believe, there are no perfect marriages in the real world. This was according to Catholic Bishops’ Conference of the Philippines (CBCP) president Lingayen-Dagupan Archbishop Socrates Villegas. In a statement titled “CBCP Position Against the Divorce Bill and Against the Decriminalization of Adultery and Concubinage,” Villegas said that while it is not easy to make relationships last, learning how to work out differences – and …

  • DND holds off infra dev’t in Pag-Asa
    DND holds off infra dev’t in Pag-Asa

    The defense department is holding off repairs and other planned infrastructure projects on Pag-Asa Island, one of seven islets and two reefs occupied by Filipino troops in the disputed Spratly Islands. Earlier, Foreign Affairs Secretary Albert del Rosario pointed out that the maintenance and repair of facilities in Pag-Asa Island are not covered by the Declaration of Conduct (DOC) of parties involved in the West Philippine Sea territorial disputes. “Repair and maintenance is okay but before …

  • Blackout to hit 5 Aurora towns
    Blackout to hit 5 Aurora towns

    An 11-hour power outage will hit five towns in Aurora on Tuesday, the National Grid Corp. of the Philippines (NGCP) announced yesterday. The NGCP said Baler, Dingalan, San Luis, Ma. Aurora and Dipaculao would be affected by the blackout. The NGCP said parts of Nueva Ecija and Aurora were hit by a power interruption yesterday due to the tripping of the Cabanatuan-Baler 69kV line. …

  • Rules set for climate change programs
    Rules set for climate change programs

    The Department of Budget and Management (DBM) and the Climate Change Commission (CCC) have released the revised guidelines to track and monitor climate change adaptation programs of the government. “The government of the Philippines has demonstrated leadership and strong commitment in implementing a comprehensive reform agenda to respond to climate change,” read the joint memorandum circular published in The STAR yesterday. “With the goal of using the budget process to plan, prioritize and …

  • It’s time to move on– Speaker
    It’s time to move on– Speaker

    The nation can now move on as President Aquino has satisfactorily explained his side on the Mamasapano incident for which he even begged for understanding, lawmakers led by Speaker Feliciano Belmonte Jr. said yesterday. “It’s time to move on,” Belmonte said in reaction to Aquino’s pronouncements made before new police graduates at the Philippine National Police Academy (PNPA) last Thursday. The President has spoken far too much about what he knows and about his limited involvement in the …

  • ToyotaPH continues it’s strong sales in February
    ToyotaPH continues it’s strong sales in February

    Toyota Motor Philippines (TMP) sustains its strong sales in its February performance. Toyota’s strong performance last month was due to the  high demand of the Vios, with sales of 2,012 units and of course the rest of Toyota’s line up such as the Fortuner, Innova, Wigo, Hilux, Avanza and Corolla Altis. Toyota’s luxury brand, Lexus, recorded 60 units last month. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options