PCGG raises P157 million from seized properties from crony

Photo Credit: inquirer.net

After 26 years, the government, through the Presidential Commission on Good Government (PCGG), just auctioned off seized properties from one of the cronies of former President Ferdinand Marcos, and raised P157.7 million.

The auctioned items are real estate properties in North Greenhills in San Juan that has 727 square meters, Valle Verde III in Pasig City (721 square meters) and Capitol Hills in Quezon City (582 square meters). These were recovered from former National Bureau of Investigation director Jolly Bugarin.

According to PCGG chairman, Andy Bautista, the forfeited properties are the first “womb-to-tomb” recoveries through the country’s justice system. He referred to Republic Act 1379’s provision of civil forfeiture of assets unlawfully acquired by public officials or manifestly exceeding their lawful income. The case dragged on for years since it was filed with the Sandiganbayan in 1987. The PCGG was able to gain possession only late last year, 2013.

The funds raised would be allotted to the government’s Comprehensive Agrarian Reform Program (CARP).

“We cannot yet disclose the identities of the winning bidders because the PCGG will still need to endorse the results of the bidding process including our recommendation to the Privatization Council. Once approved by the Council, then we will make an official announcement”, Chairman Bautista said.

A total of 29 bidders participated in the auction. The North Greenhills 727-square-meter property was sold for P83.126 million while the 721-square-meter Valle Verde property was bought for P64.024 million and the 582-square-meter Capitol Hills property sold for P10.551 million.

The Supreme Court was suspicious and doubtful how the former NBI director could acquire such real estate properties when he was only paid over P760,000 during his entire tenure. They then ordered the Sandiganbayan to further investigate and identify all the properties to be confiscated from the former NBI director.

Loading…