P72-B ill-gotten properties considered ‘abandoned and surrendered’ to PCGG

MANILA, Philippines – At least nine ill-gotten properties worth P72.157 billion are considered “abandoned and surrendered” in 2023 to the Presidential Commission on Good Government (PCGG). 

In its 2023 audit report dated April 25, the PCGG’s audit team said that these properties are not facing any contest since “ownership has finally been decided in favor of the government.” 

The agency, established after the fall of the Marcos dictatorship, is mandated to recover the wealth stolen by the Marcos family and individuals linked to the late dictator. His son and namesake, Ferdinand Marcos Jr., is the incumbent Philippine president.

The assets and properties that were “voluntarily surrendered, assigned, or ceded or waived to the commission as ill-gotten wealth, or through settlement or after judicial determination” include real estate linked to cronies J.Y. Campos, Roberto Benedicto, Antonio Martel, Simplicio Palanca, Alejo Ganut Jr. and Jolly Bugarin. 

The PCGG said that its asset management department worked with several appraisal companies to determine the latest valuation of these properties. 

One of the high-value items are two adjoining lots in Ortigas Center, Pasig City that have an assessed value of P70.63 billion in 2023. It is where the Payanig sa Pasig Amusement Park used to stand before being replaced by Metrowalk. 

Others include six Piedras lots worth P1.086 billion, a property in General Mariano Alvarez in Cavite worth P328.77 million, and a lot previously occupied by Banahaw Broadcasting in Naga City with a value of P89.28 million. These are all valued based on 2023 rates.

The five remaining properties are currently valued using 2022 appraisals. These include a property managed by Bacolod Real Estate Development Corporation worth P569.85 million, a P13.076-million lot in Tagaytay City, land in Puerto Galera worth P6.7 million, property in Caloocan City worth P3.7 million, and property in Calapan, Oriental Mindoro P1.17 million.

The PCGG has so far recovered P280 billion cash and non-cash ill-gotten wealth, according to its 2023 accomplishment report. – Rappler.com