Marcos ill-gotten wealth

BREAKDOWN: P174B recovered from Marcos loot, P125B more to get

Lian Buan
BREAKDOWN: P174B recovered from Marcos loot, P125B more to get
As of 2021, 35 years since the people power revolution, PCGG is running after P125.9 billion more in Marcos ill-gotten wealth

As of yearend 2020, the Philippine government has recovered P174.2 billion in Marcos ill-gotten wealth and has earmarked part of it for the farmers through the agrarian reform program and the coco levy trust fund, as well as the compensation of victims of abuses during the martial law dictatorship.

As of 2021, 35 years since the people power revolution, the PCGG is running after P125.9 billion more in ill-gotten wealth from the Marcos family, who are back in power both in local and national politics.

Here is a breakdown of the recovery and distribution, as provided by the Presidential Commission on Good Government (PCGG) to the House of Representatives as part of the 2022 budget debates.

The P171.3 billion total collections and remittances to the treasury is distributed to the farmers, human rights victims, to the PCGG for its general fund, the Office of the Solicitor General (OSG) which is mandated by its charter to get shares from awards to its client agencies, and the Office of the President.

The Office the President gets proceeds from the compromise agreement of Meralco Foundation and the PCGG. According to the agreement, Ferdinand Marcos –through brother-in-law Benjamin Romualdez – acquired using “sinister strategies and underhanded maneuvers” the Lopez shares of Meralco through the Meralco Foundation.

The Commission on Audit (COA) called out Malacañang in the latter’s 2019 audit report as to why it hasn’t utilized the Meralco proceeds, even though it can be used for economic development projects like assistance and rehabilitation for disaster-stricken areas.

Here’s the breakdown of the P171.3 billion collection.

Here’s the breakdown of the P2.88 billion escrow fund:

As of August 26, 2021, there is still P125.98 billion under litigation, comprising of 1,856 items of real and personal properties.

Here’s the breakdown of that P125.98 billion under litigation:

PCGG has P54.716 billion left to privatize, or assets it has to sell, like real properties, shares of stocks, jewelries and paintings, to convert it to funds that can be distributed.

In its 2020 audit report, the PCGG was called out for receivables not yet collected or billed. These included funds from Sandiganbayan.

PCGG was also once chided by a Sandiganbayan justice for not keeping a proper accounting of what it needs to recover from the Marcos loot.

On September 24, the Sandiganbayan Second Division awarded PCGG bank certificates from the Royal Traders Holding Co. Inc – part of the Marcos ill-gotten wealth – worth P96.03 million and $5.4 million, plus annual 12% interest from 1993 until fully paid. The newest award is in the range of P1 billion to P1.65 billion.

The PCGG’s recoveries, its awards from courts over time, serve as a reminder of Marcos corruption during the dictatorship. – Rappler.com

Lian Buan

Lian Buan covers justice and corruption for Rappler. She is interested in decisions, pleadings, audits, contracts, and other documents that establish a trail. If you have leads, email lian.buan@rappler.com or tweet @lianbuan.