Govt still seeks $1bn in Marcos wealth 30 years after his ouster
February 24 2016 11:09 PM
Prashanth
A woman stands among photos taken of human rights victims during martial law, displayed at an experiential museum inside a military camp in Manila yesterday ahead of the 30th anniversary of People Power that toppled dictator Ferdinand Marcos in 1986.

Reuters/Manila


The Philippines is still seeking to recover about $1bn worth of assets accumulated by the late dictator Ferdinand Marcos through 100 court cases at home and overseas, a government official said yesterday.
“The task is not easy,” said Richard Amurao, head of an agency created in 1986 to recover funds from Marcos.
“The people holding these assets have been slowing us down. They have been using all sorts of delaying tactics to thwart our efforts.”
Marcos, who ruled the Southeast Asian country for about two decades, fled to Hawaii 30 years ago this week after a near bloodless popular revolt. He died in exile three years later.
Reuters’ efforts yesterday to contact his wife, Imelda, and son Ferdinand Junior, to seek a response to the comments were unsuccessful.
Imelda has repeatedly said the family did not steal from the people and its wealth was acquired legally.
Amurao said that since the Presidential Commission on Good Government (PCGG) was created, it has recovered and given the treasury about $4bn.
In line with Philippine law, funds have been used mostly for land reform.
Based on a Hawaii court ruling, 10bn pesos ($210.04mn) was used to compensate about 10,000 victims of human rights abuses. The government hoped to raise $17.7mn from an auction of some confiscated Marcos jewellery, property and stocks, sources said this month.
By unofficial estimates, Marcos had $10bn of assets.
“We don’t really know if the $10bn estimate is accurate but what we can tell you (about the $1bn now sought) is based from estimates of the court cases and from what we already recovered,” Amurao said.
More than half of the court cases are civil lawsuits to recover shares, real estate, cash and jewellery, he said. A quarter of the cases involve “behest loans” state-owned banks gave individuals with political connections to Marcos, he said.
Andres Bautista, a former PCGG chairman, said most of the cases under litigation are complicated and difficult because government prosecutors could no longer locate witnesses and find documentary evidence.
“Some of the key players are also back in power,” Bautista said.
Members of Marcos’s family remain active in politics. His wife Imelda is a congresswoman from Ilocos Norte, the political base of the family where her eldest daughter is governor.
Her only son, Ferdinand Junior, is a senator and running for vice president in the May election.
In independent polls, he is tied with another senator who’s the son of a former Marcos era minister.



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