P1.3-B remitted to govt from Marcos loot

1

THE Presidential Commission on Good Government (PCGG) said on Wednesday it recently remitted $29 million or P1.3 billion to the National Treasury recovered from the remaining Swiss bank accounts of the late dictator Ferdinand Marcos and his family that had been ordered forfeited by the Supreme Court in 2013, but which was held up in litigation in Singapore.

Advertisements

PCGG Chairman Andres Bautista said the remittance came following the decision of Singapore Court of Appeal affirming the High Court ruling that the funds were being held in escrow by the Philippine National Bank (PNB) in behalf of the Republic of the Philippines.

He said the money, composed of $20.2 million and 5.3 million pounds sterling, were remitted to the Bureau of Treasury last February 5 and 10.

“These amounts collectively are around approximately $29 million or over P1.3 billion pesos,” Bautista told reporters in a press briefing, noting that the amount is an addition to the P683 million secret Swiss bank accounts of the Marcoses.

“This is the last from secret Swiss bank accounts. The money would go to human rights compensation,” Bautista said.

Bautista said the remitted funds form part of the secret Swiss bank accounts of the late strongman, which have been declared as ill-gotten and ordered forfeited by the Supreme Court in 2003 though it was not enforced since the funds were still held up due to litigation in Singapore court.

The Swiss Federal Supreme Court in 1997 ordered that the secret Marcos accounts hidden in the Swiss banks be transferred to the Republic of the Philippines, subject to certain conditions and its disposition be determined by final enforceable judgment of the competent Philippine court. Among the conditions was that these accounts be placed under escrow with the PNB and that they could be reinvested only in banks with Standard & Poor’s “AA” rating.

Share.
loading...
Loading...

Please follow our commenting guidelines.

1 Comment

  1. Rey Rogelio G. Manalo, Jr. on

    ••• This comment is dedicated to the Fallen Dictators of the World, to the Lehman Brothers investment bank, and to all Lovers of Wealth and Power :

    ○○○ Some people are so FOOLISH,
    ○○○ They try to gather things that PERISH;
    ○○○ Instead of gathering KNOWLEDGE and WISDOM,
    ○○○ That can bring them into GOD’s KINGDOM,
    ○○○ They try to gather too much WEALTH and POWER,
    ○○○ That can NEVER LAST FOREVER !! ((^_^)) ☻☺☻☺☻

    …….(ref: Proverbs 11:4,7, 23:4-5, Ecclesiastes 7:11-12, Zephaniah 1:8,18)