Some PHP1.2 billion from auctioned off Marcos assets may still be retrieved by government

·2 min read

Ferdinand “Bongbong” Marcos Jr. may have been proclaimed the president-elect in the recently concluded May elections, but the Presidential Commission on Good Government (PCGG), the government agency charged with retrieving the Marcos’ family’s ill-gotten wealth, may yet return another PHP1.2 billion (US$22.93 million) of that loot to the nation’s coffers.

PCGG chairman John Agbayani told the Philippine Daily Inquirer that the agency was in the process of determining how much of the Marcoses’ assets they had auctioned off last week.

The late dictator Ferdinand Marcos Sr. accumulated an estimated US$10 billion in illicit gains throughout his 21-year regime, including a vast collection of illicitly acquired antiques and artworks — much of which have still not been recovered.

Among the seized properties PCGG tried to auction off reportedly include a 2,886 square meter property along Edsa in Mandaluyong City worth P789.2-million (US$15.08 million); nine lots in Tagaytay City; a 46,688 square meter property in Bacolod City that cost at least PHP324.6 million (US$6.2 million); and a 5,952 square meter lot in Naga City priced at a minimum of P57.1 million (US$1.09 million).

The agency also gaveled off three other properties, including a 1,000-square meter property in Puerto Galera in Oriental Mindoro for at least P6.1 million (US$116,566); two lots in Caloocan City; as well as a 300-sq m property in Calapan, Oriental Mindoro, which the agency offered at a minimum of P930,000.

Also on Friday, the PCGG tried to sell P800 million (US$15.287) worth of stock shares at the Makati Sports Club.

Although Marcos Jr has not attempted to block this latest sale of his family’s recovered assets, once he is president he will have the power to place a new official at the head of PCGG.

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