The PCGG was formed 15 years ago to track down the billions believed stashed by the Marcoses and their cronies all over the world. It was given the power to sequester assets believed owned and obtained illegally by the Marcoses. Given the brilliant mind of the late Ferdinand Marcos, this was no easy task. Marcos used the law to go around it and was familiar with the intricacies of international finance and money laundering. He commanded the loyalty of his allies, which was why post-Marcos administrations could not find whistle blowers to lead authorities to hidden wealth.
Some assets were eventually reco-vered: buildings in New York, part of Imelda Marcos’ jewelry collection. More than $360 million deposited by the Marcoses in Swiss banks is currently in escrow, awaiting a final Phi-lippine ruling on its ownership. The general impression, however, is that the PCGG has failed in its mandate, that the bulk of the Marcos wealth will never be recovered, and that PCGG officials are merely busy enjoying high-paying sinecures in mismanaged sequestered companies.
How long will those assets remain sequestered? Will Filipinos ever get back the bulk of stolen wealth? The PCGG can toss part of the blame to the judiciary, which has been agonizingly slow in its deliberations on the Marcos cases. But the court proceedings will probably move faster if the PCGG can provide more evidence to bolster the government’s claims to the Marcos wealth.
With Imelda Marcos, now past 70, unlikely to ever go to jail, with her children rehabilitated and never losing elections, you can’t blame people for thinking that ill-gotten wealth will no longer be recovered. And you can’t blame taxpayers for wondering how long their money will be spent for the upkeep of a commission that long ago outlived its usefulness. We welcome Haydee Yorac’s return to government. But she may find that her main task is overseeing the orderly abolition of the commission she now heads.