Manila, Philippines – The government will auction off two multimillion real estate properties in Baguio City that formerly belonged to the Marcos Family in a public bidding on August.
The Presidential Commission on Good Government (PCGG) announced the upcoming bidding of the 17,516.20 square-meter J.Y. Campos compound and the 2,677 square-meter Baguio Inn compound, both located along the Outlook Drive North.
PCGG chairman Andres Bautista said the properties would be auctioned off for a minimum bid price of P152.691 million and P7.496 million, respectively.
Earlier, the PCGG Privatization Committee privatized the Hans Menzi compound in the same prime location for P93 million, which the Commission has remitted to the Comprehensive Agrarian Reform Program fund.
“With the successful public auction in April 2012 of the Hans Menzi compound also located in Outlook Drive North in Baguio City, which fetched more than P93 million or a premium of about R56 million from its minimum bid price of only P37 million, I have no doubt that the subject properties the PCGG will dispose will command the same level of interest from potential bidders,” Bautista said.
For his part, PCGG Commissioner for Asset Management Department Richard Amurao, who is designated in concurrent capacity as Chairman of the Bids and Awards Committee for the properties, said the two properties are considered as good investment opportunities owing to its proximity to the Wright Park and Mines View Park, two of the favorite tourist destinations in Baguio City.
Amurao emphasized that after bidding out the properties, the PCGG would endorse the results to the Privatization Council, which is chaired by the Department of Finance, for final approval. (Kris Bayos)
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