Presidential Commission on Good Government giving up search for Marcos wealth

The Presidential Commission on Good Government will wind down its search for ill-gotten wealth believed to have been hidden away by the late dictator Ferdinand Marcos, with its head saying the agency has done its best.

The Presidential Commission on Good Government will wind down its search for ill-gotten wealth believed to have been hidden away by the late dictator Ferdinand Marcos, with its head saying the agency has done its best.

 

A report by Jason Gutierrez of Agence France-Presse, through InterAksyon.com, quotes PCGG chief Andres Bautista as saying "(the search) has become a law of diminishing returns at this point." He said the cost of trying to recover the money has become prohibitive.

 

"Our problem now is that everyone is back in power. That does not in any way make our job any simpler," Bautista says in the report. Marcos’s son, Ferdinand Marcos Jr., is a sitting senator, his sister is governor of Ilocos Norte. Imelda Marcos, former first lady, is a member of the House of Representatives.

 

According to the report, the PCGG has already recovered P164 billion, or around $4 billion, in real estate, jewelry, and from numbered Swiss accounts. This is less than half of the $10 billion that Marcos is believed to have stolen.  "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," Bautista said.

 

For more on this story, log on to InterAksyon.com.

 

 

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