Quantcast

PH to probe ‘secret’ Marcos offshore trust

Imee Marcos. INQUIRER FILE PHOTO

MANILA, Philippines—The Philippine government said Thursday it planned to investigate an allegation that the eldest daughter of late dictator Ferdinand Marcos was the beneficiary of a secret offshore trust.

A report published by the Philippine Center for Investigative Journalism (PCIJ) alleged Imee Marcos, 57, now a provincial governor, had failed to declare the British Virgin Islands trust as legally required.

Andres Bautista, head of a presidential body tasked to recover the billions of dollars the Marcos family stole from government coffers during the patriarch’s 20-year rule, told AFP his office would look into the allegations.

“We are duty bound to investigate and, depending upon informed preliminary findings, decide whether to pursue the matter,” Bautista said.

A popular uprising topped Marcos in 1986, and he died in US exile three years later. His famously extravagant wife, Imelda, has always denied she and her husband were corrupt.

The Presidential Commission on Good Government, which Bautista heads, has recovered $4 billion in assets that the Marcos illegally acquired, including from Swiss bank accounts and US properties.

But Bautista told AFP in January that, with Imee, Imelda and Ferdinand Jr. having re-established political influence in the Philippines, the commission was considering giving up on the chase for the billions more believed to be hidden.

“It’s been 26 years and people you are after are back in power. At some point, you just have to say, ‘We’ve done our best’, and that’s that. It is really difficult,” he said.

The PCIJ said the work looking into the Marcos trust was a collaboration with the International Consortium of Investigative Journalists, which includes major foreign media groups.

It said the research had uncovered “scores of documents” showing Imee Marcos was a financial advisor for, and beneficiary of the secret trust, although it was not known what assets it held.

Calls by AFP to Imee Marcos’ office went unanswered on Thursday. The PCIJ said she had failed to respond to its requests for comment.

Imee Marcos is running unopposed in next month’s mid-term elections for a second term as governor of Ilocos Norte province, which was her father’s political stronghold.

Imelda Marcos is likely to retain her seat in Congress representing a district in the province.

Ferdinand Jr., a senator, is widely expected to run for president in 2016.


Follow Us







Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Short URL: http://globalnation.inquirer.net/?p=71123

  • Pork_Republik

    Perhaps everytime the Marcoses plans to move their offshore moneys or part of it to the Philippines those Swiss bank gnomes threaten them by leaking damaging information enough to derail such plans but still not enough for the GRP to recover the money.

    The Oligarchs are stiff scared of what that huge Marcos moneys might do to their current political grip on the Philippines. There’s is no doubt it could change the political landscape if ever that huge financial war chest gets to land in the Philippines.

    It’s the Swiss bankers and the Oligarch groups of companies mutually benefits to remain the Marcos money (stolen or not) where it is from all these years.

  • Patikotiko

    The interest alone can silent the PCGG.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace