PCGG shrugs off Singapore court ruling on FM wealth

MANILA, Philippines - The Presidential Commission on Good Government (PCGG) shrugged off the issuance of a ruling by the Singapore High Court which declared that some $23 million deposited with the Singapore branch of WestLB AG of Germany belonged to the former government-owned but now Lucio Tan-controlled Philippine National Bank (PNB).

Andres Bautista, PCGG chairman, assured the public that the ruling has “no practical negative effect” on the Philippine government.

“Basically, the Singapore Court ruled that PNB as escrow agent holds it in benefit for the principal, which in this case is the Republic of the Philippines,” Bautista said.

“From a legal standpoint, while the ruling was a bit flawed, bottom line is, we’re happy that PNB also won because PNB holds that money in trust for the Republic,” Bautista said.

Bautista said that the PCGG is hoping that no more appeals will be filed to further delay their efforts to withdraw the money from PNB so that these can be remitted to the national treasury and used for the compensation of human rights victims during the Marcos regime.