The ill-gotten wealth is believed to run into billions of dollars. But first the government has to find out where the wealth has been stashed. Then it has to prove its ownership claim. In both aspects progress has been disappointingly slow. About $670 million deposited in Swiss banks has been transferred to the Philippine National Bank from Switzerland. But the assets remain in escrow pending a final ruling on its rightful ownership.
The Presidential Commission on Good Government also identified bank accounts in Switzerland belonging to three Marcos associates: former energy minister Geronimo Velasco, his nephew Alfredo de Borja and secretary Carmencita Clavecilla. The three accounts contain a total of $16,997,048 — more than P886 million at current exchange rates. But even with the assets identified, the government can’t seem to safeguard its claim.
Reports said Velasco, De Borja and Clavecilla emptied the accounts shortly after the Zurich district attorney lifted the freeze order on the assets last March. The prescription period for the forfeiture proceedings had reportedly lapsed.
PCGG officials blamed the lifting of the freeze order on the dismissal by the Ombudsman of criminal cases filed against the three account holders. The PCGG has given assurance that the Swiss move will not affect the $670 million held in escrow. That’s cold comfort to the nation. If the government can’t hang on even to assets that have already been identified, how much of the Marcos wealth is now irretrievably out of the nation’s reach?