Manila - The Supreme Court of the Philippines has affirmed the Sandiganbayan's decision to lift the sequestration of a prime real estate property in Baguio City owned by the late businessman Ramon Cojuangco and his wife, Imelda. The property, historically tied to the founder of PLDT, was the subject of a legal battle with the Presidential Commission on Good Government (PCGG), which sought to reverse the Sandiganbayan's decision from March 13, 2020.
According to Philippines News Agency, The SC's Third Division rejected the petition filed by the PCGG, agreeing with the Sandiganbayan's assessment that the property was not acquired through illegal or improper use of government funds, and thus should not be subject to sequestration. The decision, detailed in a 10-page document promulgated in August but only recently published online, acknowledged the legitimacy of the property's ownership. The anti-graft court had previously granted a petition filed by C and O Investment and Realty Corp, chaired by Miguel Cojuangco, one of the heirs. It ruled that the property, acquired by the Cojuangcos on December 12, 1955, was not validly placed under sequestration and could not be considered ill-gotten wealth. This conclusion was supported by evidence, including a deed of absolute sale dated December 23, 1976, indicating that the property had been sold long before the sequestration order was issued.