Marcos firm making money

MANILA, Philippines—A corporation once run by an associate of the late strongman Ferdinand Marcos has raised its revenues by more than 50 percent and cut expenses by 40 percent in the past year, the Presidential Commission on Good Government (PCGG) has said.

The Independent Realty Corp. (IRC), a group of companies that Marcos associate Jose Yao Campos surrendered to the government in 1986, earned P47.6 million in revenues in 2011, a P16.4 million jump from its P31.19 million net earnings in 2010.

In its 2011 report filed this week in the PCGG, the IRC also reported that the corporation slashed its administrative costs from P19.65 million in 2010 to P11.97 million last year because of “reforms introduced by the new set of directors and officers.”

IRC manages sequestered government property, including the disputed 18.5-ha “Payanig sa Pasig” prime property.  The corporation told the PCGG that it raised earnings despite “the continuing challenge posed by nonpaying tenants” of the Pasig property.

“For 2012, the IRC Group’s new management team will continue in its drive to sustain the growth trends in its current businesses and develop new income streams, thus ensuring that its value is enhanced in preparation for its eventual privatization, the accomplishment report cited,” said the PCGG.

Since it was handed over to the state, IRC has turned over P531 million in earnings to the Philippine treasury, PCGG said.

Last year, the PCGG recovered some P268.5 million in ill-gotten wealth of Marcos and his associates.  It is still running after some P405.723 million in alleged stolen assets under litigation in various courts.