P159M will buy crony’s property

Philippine Daily Inquirer

4:58 am | Monday, November 4th, 2013

MANILA, Philippines—The Presidential Commission on Good Government (PCGG) will put on the auction block next month the 1.7-hectare Baguio City property surrendered to the government by the late Marcos crony Jose Y. Campos 27 years ago.

The PCGG set the minimum bid price for the property at P159.264 million based on the assessment of a private appraisal company.

The PCGG set the auction through a sealed public bidding for Dec. 4 after securing the approval of the Department of Finance.

This is the fifth surrendered ill-gotten asset the PCGG is selling under the Aquino administration.

Since 2011, four properties have been sold to the highest bidder for a combined P477 million.

Considered a prime piece of real estate, the Campos property is bounded on the west and northwest by Outlook Drive across from the DBP Institute, and on the south by Tuding Road (Baguio-Itogon Road) across from the Baguio Townhouse.—Dona Z. Pazzibugan

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Tags: auction , Baguio , ill-gotten wealth , Jose Y. Campos , Presidential Commission on Good Government (PCGG) , property

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