The Philippines said Saturday it will auction off two properties once owned by late dictator Ferdinand Marcos for at least 315.8 million pesos ($7.3 million). Prime real estate in a Manila suburb and the northern mountain resort city of Baguio will be sold through public bidding on April 24, said a government agency set up to recover the ill-gotten wealth of Marcos and his cronies.
The two properties, totalling 7,913 square metres (85,170 square feet), were surrendered to the government by Marcos croney Jose Yao Campos in 1986 after a popular revolt toppled Marcos earlier that year. "We are confident that... the strategic location of the properties (would) attract more bidders, generating higher value," said Roger Amurao, commissioner from the Presidential Commission on Good Government.
The Manila property is located opposite a major leisure and casino project while the one in Baguio is situated near popular tourist attractions, the commission said. Marcos ruled the country from 1965 to 1986, much of this time as a dictator. His family and their allies are accused of stealing billions of dollars in state funds during this period.
Comments
Comments are closed for this article.