The government has recovered the last tranche of Marcos Swiss accounts worth a total of P1.3 billion ($29 million) after a Singapore court ruled that the Philippine National Bank (PNB) had the legal title to the deposits.
At a press briefing Wednesday, Presidential Commission on Good Government (PCGG) chairperson Andres Bautista said the amount has been remitted to the National Treasury on February 5.
The accounts were worth $23 million in 2003 and have since gained interests.
“The recovered amount form part of the Swiss bank accounts of former President Ferdinand Marcos and his family that were ordered forfeited by the Philippine Supreme Court in 2003 but which were held up in litigation in Singapore since then,” said Bautista.
In 2003, the Supreme Court granted the forfeiture of the bank deposits, allowing PNB to give most of the money back to the Philippine Treasury under an escrow agreement.
But the funds were held up in Singapore after complaints were filed against it by human rights lawyers. Singapore’s high court ruled in favor of PNB in 2012.
Marcos signed on Sept. 21, 1972 Proclamation No. 108 that imposed Martial Law in the Philippines, following increasing civil strife and threats of communist takeover.
