PNB: $34-million Marcos Swiss deposits all accounted for

MANILA, Philippines – The Philippine National Bank (PNB) yesterday gave assurances that the $34 million in Marcos Swiss deposits recovered by the Philippine government remains fully accounted for and continues to be held in escrow at the bank with the full knowledge and agreement of the Presidential Commission on Good Government (PCGG).

PNB Chief Counsel Alvin Go, in a statement, said published articles which referred to the “missing” $34 million held by PNB are “erroneous and without factual basis.”

“As a premier banking institution, PNB acts faithfully in accordance with its contractual obligation and continues to do so in matters which pertain to the recovered Swiss funds. The funds, which are actually not ‘missing,’ are retained by PNB based on the agreement signed by former PCGG chair Haydee Yorac. The retained funds will be turned over to PCGG after litigation is completed based on the said accord,” said Go.

“In fact, PNB was able to increase the net after tax value of the escrowed funds by 20 percent over the last five years when the $624 million of the total $658 million in Swiss deposits was turned over to the government in 2004 upon orders of the Supreme Court,” Go clarified.

Instead of being unfairly cited for funds which are actually not ‘missing’, Go said PNB should be commended for the successful litigation in the United States Ninth Circuit Court of Appeals.

“This crucial victory helped preserve the Marcos funds and prevented its premature turnover to claimants of the Marcos estate except in accordance with its mandate as escrow,” Go said.