Marcos deposits earn $8-M in ’03

The Marcoses’ ill-gotten wealth, which Supreme Court has declared as government-owned, has earned $8 million in accrued interests and balances for 2003, the Philippine National Bank (PNB), which holds the escrow account, reported yesterday.

PNB first senior vice president Ma. Elena Sarmiento informed the Sandiganbayan, with which the graft and recovery suits against the Marcoses remain pending for the last 16 years, that the Marcos money amounting to $676 million last January had ballooned to $684 million as of Nov. 28.

"The total aggregate value of the escrow funds as of Nov. 30 is equivalent to $682 million at cost or $684 million at market value based on the exchange rates as of Nov. 28, inclusive of accrued interests and cash balances," a portion of the single-page compliance report submitted to the court said.

The PNB has been instructed by the anti-graft court to submit a monthly report on the status of the money and how much it is worth in the current market.

The money, which came from the Marcos family’s Swiss deposits, was initially pegged at $356 million but it has since ballooned to a considerable amount after it was transferred to the PNB.

The SC’s July 15 ruling that the money is ill-gotten and therefore belongs to the government, has become final and executory but defense lawyers led by Robert Sison are blocking the implementation of the ruling, saying they would still want to file a motion for reconsideration.

Former first lady Imelda Marcos, widow of former strongman Ferdinand Marcos, has several cases in the Sandiganbayan, including those where she and her husband were accused of putting up at least five foundations which they allegedly used to launder their alleged ill-gotten wealth. In the graft suit pending in the fourth division, she had posted a total of P120,000 bail.

The PCGG, which is represented by the Office of the Solicitor General and the Office of the Special Prosecutor, said Mrs. Marcos is liable for graft because of her pecuniary interest in the foundations while she was serving as minister of human settlements.