Marcos Hidden Wealth

BREAKING NEWS
MARCOS HIDDEN WEALTH

READINGS IN THE PHILIPPINE HISTORY
1. Do the Marcoses Have Ill-Gotten Wealth? Yes or No?
The Marcos family, especially former

Philippine President Ferdinand Marcos
and his wife Imelda Marcos, face
allegations of accumulating ill-gotten
wealth through corruption and other
illicit means during their time in power.
The Philippine Supreme Court's 2003
decision recognized this, ordering the
forfeiture of assets totaling about $658
million, confirming the wealth exceeded
legitimate earnings. Ongoing
investigations and legal actions,
spearheaded by the Presidential
Commission on Good Government
(PCGG) since 1986, aim to uncover
and reclaim the Marcos family's ill-
gotten wealth. It's essential to
acknowledge varying legal perspectives
and public opinions on the matter.
Ill-gotten wealth recognized by the Philippine Supreme Court. (n.d.).

https://hrvvmemcom.gov.ph/ill-gotten-wealth-recognized-by-the-philippine-
supreme-court-2/
JULIANO, JAELAH FAITH A.

BREAKING NEWS

2. Fact Check about the wealth/gold of the Marcoses
Claim: Former president Ferdinand E. Marcos placed “over a million

metric tons” of gold in different banks for the benefit of humanity.
Rating: FALSE
The video employs an interview featuring Karen Hudes, a former World
Bank lawyer with 21 years of experience, to substantiate the assertion.
During the interview, Hudes contends that Marcos deposited over a million
metric tons of gold in various global banks, intending it for the betterment
of humanity. In a 2014 announcement, the World Bank clarified that Karen
Hudes had not been part of the bank's workforce since 2007 and
emphasized that she lacked any authorization to represent any division of
the World Bank Group.
https://verafiles.org/articles/vera-files-fact-check-no-alleged-marcos-gold-
will-be-used-for-public-spending

BREAKING NEWS

2.1 How and When was it acquired?
Ferdinand Marcos, the former President of the Philippines, is believed to

have accumulated wealth through corruption, misappropriation of public
funds, and abuse of power from 1965 to 1986. The Marcos regime faced
allegations of widespread corruption involving kickbacks, bribery, and
embezzlement of public funds. The declaration of martial law in 1972
further enabled Marcos and his associates to amass wealth, control
industries, and suppress political opposition. The implementation of
crony capitalism favored a select group, concentrating wealth among loyal
supporters. Embezzlement of public funds, extravagant spending, and
allegations of corrupt practices in infrastructure projects added to the
family's wealth. Exploitation of natural resources, including logging and
mining, for personal gain was also alleged.
Ill-gotten wealth recognized by the Philippine Supreme Court. (n.d.).
https://hrvvmemcom.gov.ph/ill-gotten-wealth-recognized-by-the-philippine-
supreme-court-2/

BREAKING NEWS

SALN of Ferdinand Marcos before 1965
According to a document source

that I got from a website, his
Statement of Assets and
Liabilities were calculated at a
total of less than one million
pesos, as of then January 1962,
prior to being the President of
the Republic of the Philippines
in 1965.
In addition, I have not gathered
a lot of information from
credible sources in regards to
FEM’s SALN before presidency.
https://diktadura.upd.edu.ph/catego
ry/corruption/

BREAKING NEWS

3. Discuss the recovery of Marcos wealth
The PCGG, formed in 1986 after President Ferdinand Marcos was ousted,
aimed to recover his illicitly acquired wealth. The recovery process, intricate
and lengthy, spanned domestic and international initiatives. Key steps
included initiating legal proceedings against Marcos and associates
domestically, seeking foreign assistance to trace and freeze assets held
abroad, collaborating with Swiss authorities to recover funds in Swiss
banks, employing global asset tracing experts, engaging in negotiations for
settlements with the Marcos family, and responsibly managing recovered
assets. Despite legal challenges, the PCGG successfully repatriated a
portion of the ill-gotten wealth. However, not all assets have been fully
recovered, and efforts for justice and asset recovery persist.

BREAKING NEWS

4. Explain some Court Rulings about Marcos

Hidden wealth?
1. **Republic of the Philippines v. Sandiganbayan (1993):**

- In 1993, the Sandiganbayan ruled that the wealth amassed by Ferdinand
Marcos and Imelda Marcos was ill-gotten, ordering the forfeiture of assets
acquired through illegal means.
2. **Swiss Federal Supreme Court (1997):**

- The Swiss Federal Supreme Court, in 1997, decided to lift the freeze on
certain Swiss bank accounts belonging to the Marcos family due to
insufficient evidence supporting the claim of illicit origin.
3. **Civil Case No. 0002 (2003):**

- The Sandiganbayan, in 2003, mandated the return of nearly $658 million
to the Philippine government, reaffirming that the wealth was ill-gotten and
should be restituted to the public treasury.

BREAKING NEWS

4. Explain some Court Rulings about Marcos

Hidden wealth?

- In 2003, the Sandiganbayan ordered the forfeiture of $35 million in a
bank account, confirming that the funds constituted part of the Marcos
family's ill-gotten wealth.
5. **Swiss Federal Supreme Court (2008):**

- The Swiss Federal Supreme Court, in 2008, directed the transfer of
approximately $10 million from a Swiss account to the Philippine
government, underscoring international cooperation in recovering Marcos's
hidden wealth.

- The 2019 ruling by the Sandiganbayan upheld the 2003 decision,
emphasizing the illegitimate acquisition of wealth by the Marcos family and
reiterating the forfeiture of assets totaling nearly $658 million.

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BREAKING NEWS

1. Do the Marcoses Have Ill-Gotten Wealth? Yes or No?

The Marcos family, especially former

Ill-gotten wealth recognized by the Philippine Supreme Court. (n.d.).

JULIANO, JAELAH FAITH A.