IN May 2022, while the whole country was glued on the results of the national elections, the Presidential Commission on Good Government (PCGG) sold an asset listed under “abandoned/surrendered property” for P800 million.
The Notes on Financial Statement provided details on the disposed property which was identified as “No. 82 EDSA, Mandaluyong City,” the exact address of the IRC Building that houses the PCGG offices.
According to the records, the said property was valued by two independent appraisers in January 2022.
Auditors noted that at the time, the building, land, and other improvements on its “are being used by the Commission in its operation.”
Asian Appraisal Company Inc. (AACI) set the price of the property at P856.99 million while Cal-Fil Appraisal and Management Inc. assigned its value at P721.5 million.
“The property was disposed (of) through public bidding in May 2022,” the audit report on the PCGG said.
A copy of the audit report was submitted on May 4, 2023 to the office of PCGG chairperson John A. Agbayani at No. 82 IRC Building, EDSA, Mandaluyong City.
“The said property was disposed (of) thru public bidding and the proceeds amounting to P800,000,000 was remitted to the BTr-Trust account under Fund 184,” the audit team said.
Auditors clarified that the PCGG is maintaining four separate accounts with the Bureau of Treasury: Funds 101, 151, 158, and 184.
Fund 101 holds the agency’s budget coming from the National Government while Fund 151 contains funds retained from the administration of assets.
Fund 158 is where proceeds from the sale of ill-gotten wealth go for use in the government’s Comprehensive Agrarian Reform Program (CARP).
Finally, Fund 184 pertains to funds raised from the sale of sequestered assets of Marcos cronies which are in custodial control of the BTr pending the final resolution of pending court cases related to them.
For 2022, the PCGG reported that its remittances to the BTr hit P2.34 billion or 389 percent over its target for the year of P601.626 million.
However, no breakdown was provided in the audit report.
