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The Presidential Commission on Good Government (PCGG) is a Philippine quasi-judicial government agency whose primary mandate is to recover ill-gotten wealth accumulated by the Marcos regime. It was created by President Corazon Aquino shortly after she was sworn in as President in the aftermath of the 1986 People Power revolution. In addition to recovering the Marcos wealth, it is also tasked with investigating other cases of graft and corruption; and instituting of corruption prevention measures.

Soon after the PCGG was created, Aquino issued an executive order freezing the assets of the Marcoses in the Philippines, and assigning the PCGG to negotiate with foreign governments so that Marcos wealth overseas could be repatriated to the Philippines, giving the PCGG diplomatic powers in addition to its quasi-judicial functions.

In keeping with the Comprehensive Agrarian Reform Law in 1988, the funds recovered by the PCGG are automatic appropriated to fund the Philippines' agrarian reform programs, and has since then funded more than 80 percent of the Philippines' budget for agrarian reform.

Major achievements

Recovery of ill gotten wealth

As of 2019, the PCGG has recovered more than P171 billion of ill-gotten wealth from the Marcoses and from Marcos cronies since its creation in 1986. Some of this came from money sequestered by the PCGG or surrendered under various compromise agreements, and some of it came from the sale of various surrendered or sequestered properties.

These cash recoveries are then turned over by the PCGG to the Bureau of Treasury, which holds it in trust for the Comprehensive Agrarian Reform Program.

Filing of Civil and Criminal Cases Pending in Various Courts

As a necessary corollary to the Commission’s power and authority to investigate (and by express mandate to do so), the Commission took charge of preparing and filing the necessary cases against the Marcoses and their cronies. (see Annex D) Since then, however, the prosecution of these cases are, for the most part, being handled by the Office of the Solicitor General (OSG) and the Office of the Special Prosecutor (OSP). (This is due to the fact that the OSG is the Commission’s statutorily mandated counsel.)

Immunity and Compromise Agreements

The Commission has the authority to grant immunity or enter into compromise agreements. Consistent with public policy—and supported by jurisprudence recognizing “compromise” as “a form of amicable settlement” 10 —the Commission has entered into such valid compromise agreements.

History

Background

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By the time Ferdinand Marcos was inaugurated president in 1965, he had already served three terms as Congressman for the second district of Ilocos Norte to the Philippine House of Representatives, and then served in the Philippine senate from 1959 to1965, eventually becoming Senate President before winning the 1965 Philippine Presidential Election. He remained President for 21 years despite the eight year (two four year terms) limitation set by the 1935 Constitution of the Philippines by placing the country under Martial Law in 1972.

Marcos' rule after his 1972 declaration of Martial Law was characterized by numerous human rights abuses while the Marcoses became known for an increasingly decadent lifestyle, until the collapse of the Philippine economy in 1983 and the assassination of opposition senator Benigno Aquino Jr. finally led to the Marcoses being deposed by the 1986 People Power revolution and exiled to Hawaii.

Statements of Assets filed by Ferdinand and Imelda Marcos from 1966 to 1986, showed that they had earned combined salaries worth P2,319,583.33 ($304,372.43 based on prevailing exchange rates at that time). But documents discovered in the Malacañang Presidential Palace showed that they had accumulated US$5 billion to US$10 billion worth of cash and assets, spread across the globe.

clearing

• philippines-recovers-29m-from-marcos-accounts

• Philippines still seeks $1 billion in Marcos wealth 30 years after his ouster

His wife Imelda Marcos, whose excesses during the couple's conjugal dictatorship

• Regime of Marcoses, cronies, kleptocracy

• From Marcos to Gaddafi: Kleptocrats, Old and New

• 'Imeldific' collection of artworks (partial list) made her infamous in her own right,

spawned the term "Imeldific".

• The Imeldific and the Third World look

• Imeldific at 82

Ill Gotten Wealth

The Philippine Supreme Court, citing Republic Act 1379, declared all Marcos assets beyond their legally declared earnings/salary to be ill-gotten wealth

Among the sources of the Marcos wealth are alleged to be diverted foreign economic aid, US Government military aid (including huge discretionary funds at Marcos disposal as a "reward" for sending some Filipino troops to Vietnam) and kickbacks from public works contracts over a 2-decades-long rule.

Rico case estimate at 5m

Marcos' "techniques of plunder"

Jovito Salonga sums up the methods used by Marcos to acquire this wealth as "Marcos' Techniques of Plunder" in his 2000 memoir, "Presidential Plunder."

These techniques, Says salonga, were:

1. Creating monopolies and putting them under the control of cronies;
2. Awarding behest loans to cronies from Government banking or financing institutions;
3. Forced takeovers of various public or private enterprises, with a nominal amount as payment;
4. Direct raiding of the public treasury and Government Financing Institutions;
5. Issuance of Presidential Decrees or orders, enabling cronies to amass wealth;
6. Kickbacks and commissions from enterprises doing business in the Philippines;
7. Use of shell corporations and dummy companies to launder money overseas;
8. Skimming off of Foreign Aid and other forms of International Assistance; and
9. Hiding wealth in overseas bank accounts using pseudonyms or code names.

Creation

On February 28, 1986, three days after she was inaugurated as President of the Philippines at Club Filipino, Corazon Aquino issued Executive Order No. 1, creating the PCGG, exercising her unique position of having full possession of both legislative and executive powers as president of the new revolutionary government.

Two weeks later on March 12, she signed Executive Order No. 2, freezing the assets of the Marcoses in the Philippines and authorizing the PCGG to negotiate with foreign governments to facilitate the recovery of Marcos assets abroad.

Jovito Salonga, who had advised Aquino on how the commission should be organized, was appointed as its first chairperson.

On June 22, 1987, Aquino issued Presidential Proclamation 131 and Executive Order 229, implementing Article II Section 21 of the constitution, which states that “The State shall promote comprehensive rural development and agrarian reform.” Marcos wealth recovered by the PCGG was automatically appropriated for agrarian reform. This led to the Congressional enactment of Republic Act No. 8532 - the Comprehensive Agrarian Reform Law in 1988, which gave a congressional mandate for the program and formalized the automatic appropriation of PCGG'S recoverd funds for that purpose. Since then, funds recovered by the PCGG have funded upwards of 80% of the Philippine budget for the Comrehensive Agrarian Reform Program.

Jovito Salonga Chairmanship

Jovito Salonga stayed on as chairperson of the PCGG for a year, eventually deciding to run in the 1987 Philippine Senate election after the 1987 Constitution of the Philippines had restored the bicameral Congress of the Philippines.

During Salonga's term as chairperson the PCGG sequestered several billions of pesos worth of property, reached out to the governments of the United States and Switzerland to ask for help in recovering wealth Marcos had stashed in those countries, filed civil cases for the recovery of assets from known Marcos cronies, and entered into settlement deals with Marcos cronies Jose Yao Campos and Antonio Floirendo.

Under Salonga, the PCGG immediately put Aquino's Executive Order No. 2 into effect, sequestering sequestered several billions of pesos worth of property, including: the Malacañang jewelry collection; 236 corporations including the United Coconut Planter’s Bank (UCPB), Intercontinental Broadcasting (IBC13), Radio Philippines Network Inc (RPN 9), Philippine Communications Sattelite Corporation (PhilComSat), Philippine Overseas Telecommunications Company (POTC), Eastern Telecommunications Philippines Inc. (ETPI), Bataan Shipyard and Engineering Company (BASECO), Chemfields Inc., San Miguel Corporation (SMC), and Coconut Investment Corporation; and shares of stock in 143 other companies. In addition, the PCGG secured the Award of Titles to two properties in New Jersey - the ones at Princeton Pike and Pendleton Drive - from the New Jersey Supreme Court. It also began auctioning various Marcos properties, giving the proceeds to the Bureau of Treasury.

They also began legal proceedings for the first 39 civil cases against the Marcoses and their cronies. In addition to the Marcoses themselves, civil cases were filed against: Alfredo Romualdez, Amando Romualdez, Jose Africa, Andres Genito, Herminio Disini, Alberto Looyuko, Rodolfo Cuenca, Bienvenido Tantoco, Lucio Tan, Fabian Ver, Eduardo Cojangco, Geronimo Velasco, Anos Fonacier, Roman Cruz, Fe Roa Gimenez, Ofelia Trinidad, Alfonso Lim, Major General Josephus Ramas, Jolly Bugarin, Emilio Yap, Luz Bakunawa, Antonio Martel, Vicente Chuidian, Jose De Venecia, Alejo Ganut, BGen Jaime Echeverria, Tomas Dumpit, Ricardo Silverio, Roberto Abling, Peter Sabido, Remedios Argana, Jesus Tanchanco, Roberto Benedicto, and Eduardo Marcelo.

As part of their mandate to institute safeguards to prevent corruption, the PCGG also began pushing for the passage of what would eventually become Republic Act 6713 – the 1987 Code of Conduct and Ethical Standards for Public Officials and Employees.

The PCGG filed a USD 200 Million claim on 4 Marcos-owned buildings in New York City which had already been the subject of a Racketeer Influenced and Corrupt Organizations (RICO) case filed by the US Government. The Crown Building at 730 5th Avenue, was eventually sold for USD 93.6 M, but the PCGG's share of the proceeds only amounted to USD 769, 852. The Herald Center on Broadway was eventually sold for USD 25 Million, but the PCGG only earned a net of USD 1.5 Million from the sale after mortgages that had been taken on the property were paid. The 40 Wall Street building, which has since been renamed the Trump Building, was sold in a foreclosure sale before the PCGG could make good on its claim. The 200 Madison Ave property was the last of the properties to be sold in 1993, earning the PCGG a USD 189, 149 part of the proceeds.

Swiss Bank Accounts of the Marcoses

It was under Salonga that the PCGG first reached out to the Swiss Federal Government after a search of documents left by the Marcoses in Malacañang showed that the Marcoses had deposited funds there. The documents revealed that the Marcoses had started depositing money in Swiss Accounts as eaerly as 1968 - four years prior to the declaration of Martial Law.

The Swiss Federal Government told the PCGG to file a request under the International Mutual Assistance on Criminal Matters (IMAC) Act in order to recover USD 340 Million which the Marcoses had deposited in Swiss Banks.

Yao Campos Settlement

The PCGG under Salonga achieved its first major recovery victory when Marcos crony and UNILAB founder Jose Yao Campos indicated that he wanted to make ammends with the new government, and that he wanted to return the Marcos properties and cash which had been put under his name. The PCGG entered into a legal settlement with Campos, in return for which he returned PhP 2.5 Billion worth of titles to 197 properties in Metro Manila, Rizal, Laguna, Cavite, Bataan, and Baguio, as well as PhP 250 Million in cash.

Floirendo settlement

Towards the end of Salonga's term in the PCGG, Banana Magnate Antonio Floirendo also entered into a settlement agreement, returning PhP 70 Million in cash and assets, including the Lindenmire Estate in Long Island; Olympic Towers in Midtown Manhattan; and 2433 Makiki Heights Drive in Honolulu.

Further efforts during the Corazon Aquino Administration

The Aquino administration went through four further PCGG chairpersons before the end of her term in 1992 - Ramon A. Diaz, Adolfo Azcuna, Mateo Armando Caparas, and David Castro.

Recovery of ill-gotten wealth

During this time, the PCGG was able to recover PhP 375 Million from the Security Bank accounts of Rolando Gapud and Jose Yao Campos, and a further PhP 157.7 m from Security Bank Company accounts. The PCGG was also able to sell the Marcoses' Princeton Pike Property in New Jersey for net proceeds of PhP 34.59 Million, and the Marcoses' Olympic Tower apartments for net proceeds of PhP 58.280 Million. The PCGG was also able to earn significantly from the auction of the Marcoses' furniture, rugs, books, silverware and artwork, including 99 paintings from the Marcoses' old masters collection - notably "David with the Head of Goliath" by Francisco de Zurbarán, and "The city of venice adoring the Christ child" by Paolo Veronese. The PCGG also successfully appealed to various US District Courts forbidding the Marcoses from selling assets identified for recovery by the Philippine Government.

Settlement agreements

Several settlements were accepted by the PCGG during this period - with Anthony Lee, Roberto Benedicto, the Meralco Foundation in the case of shared registered under the name of Benjamin Romualdez, and with Imelda Marcos herself in the case of her Sanwa Bank accounts.

The Roberto Benedicto compromise agreement saw the surrender of 32 Corporations, USD 16 Million in Swiss Bank Deposits, and cash dividends in some of his companies, 100 Percent of the shares for California Overseas Bank, 51% of Benedicto's agricultural lands, and shares in television stations IBC 13 and RPN 9. Meantime, the Anthony Lee compromise agreement resulted in the surrender of Lee's shares in Mountainview Real Estate Corporation.

The settlement with Meralco Foundation over the Meralco shares which had been registered under the name of Benjamin Romualdez led to PCGG temporarily gaining control over 22 Million Meralco Shares. These shares were eventually privatized in three batches - a PhP 13.57 Billion sale to the SSS and GSIS in 1994; a PhP 2.6 Billion sale to on 23 Oct 1997 to Union Fenosa Holdings in 1997; and a PhP 53 million sale through Merrill Lynch Far East Ltd. in 1998.

The settlement in a California court case against Imelda Marcos herself resulted in the surrender of PhP11.5 million from her Sanwa Bank accounts, and most of the assets seized by US customs when the Marcoses first went into exile in Honolulu.

Continued pursuit of the Marcos Swiss accounts

During this time, Swiss Courts ordered the transmission to the Philippines of documents regarding the Marcoses’ deposits in Geneva, Zurich, and Freburg. The Zurich Canton Court ordered the releases the frozen deposits to the Sandiganbayan, which was to determine their rightful owner. The PCGG filed a forfeiture case with the Sandiganbayan to recover the money from these frozen Marcos Swiss accounts.

Support from the UN Human Rights Commision

The mandate of the PCGG received international support when the 44th Session of the United Nations Commission on Human Rights in early 1988 called on UN Member Nations to help in the recovery of funds stolen by the leaders of Haiti and the Philippines. The council said that this was to help “prevent individuals guilty of human rights violatins from profiting from their crimes,” and asserted that “The millions of dollars stolen by the deposed leaders of the Philippines and Haiti should be returned to the Filipinos and Haitian people.”

Magtanggol C. Gunigundo Chairmanship under Fidel Ramos

Magtanggol C. Gunigundo served as the chair of the Commission throughtout all six years of the Ramos administration - the only PCGG chair to be the sole holder of the office under one presidency.

During Gunigundo's six-year term, the PCGG recovered an additional PHP 69.7 Million from Marcos' Security Bank Accounts; USD 30 Million worth of Treasury notes issued by the Philippine Central Bank in 1983 in favor of Bank Hoffman of Germany and the Swiss Bank Corporation; USD 11.7 Million worth of Swiss bank deposits of spouses Benjamin and Juliette Romualdez and Ignacio and Fe Roa Gimenez; and CHF 536,000 worth of Swiss bank deposits from Roman Cruz.

This period also saw the repatriation to the Philippines of the two other main collections of confiscated Marcos Jewels.

jewel recovery and auctions

In addition to the precious jewels left behind by the Marcoses in Malacañang Palace, this period saw the repatriation to the Philippines of the two other main collections of confiscated Marcos Jewels.

The Hawaii Jewelry collection, consisting of jewelry seized by the US Bureau of Customs when the Marcoses first arrived there in February 1986, was turned over to PCGG custody, while the Roumeliotes Collection which Imelda Marcos' friend Demetriou Roumeliotes had attempted to smuggle out of the country in March 1986, was turned over to the Philippine Bureau of Customs. The PCGG also recovered USD 3.292 million from the sale of 6 Old Master paintings Imelda had gifted to her friend Sandra Garcia, and 4 paintings which art dealer Marc Cohen had been asked to sell.

Properties sold

Aside from the Meralco shares registered under the name of Benjamin Romualdez, the PCGG was able to sell numerous local Marcos Mansions and overseas properties during this time, includingː the Dasmariñas, Makati property, sold for PhP 200 million; the Jose Yao Campos IRC Antipolo property (later renamed Victoria Valley Subdivision), sold for PhP 35.15 Million; the Antonio Floirendo Beverly Hills property in California for USD 2,520, 471 from the sale, along with USD 45,297 from the auction of the residual items found on the property; the Antonio Floirendo Makiki Heights Property in Honolulu Hawaii, sold for USD 1.35 Million; and the Antonio Floirendo Lindenmire estate in New York for USD 40 Million(of which the PCGG's share was USD 1.622 Million).

Settlement agreements

• 1995 Recovered P50 Million from a compromise agreement with Alejo Ganut Jr. representing the proceeds from time deposits and dollar accounts.
• 1996 Entered into a compromise agreement with Antonio Martel/BREDco who ceded a 4.6 ha property in Bacolod
• 1998 Settled case against Redwood Bank Calif resulting in the surrender by the bank's owners (Ramon Siy, Philip Ang, and Dewey Dee) of PhP 264 million to the government.

Continued pursuit of the Marcos Swiss accounts

1995 The PCGG filed with the DA in Zurich a petition for Additional Request for Mutual Assistance asking for Asset Repatriation even before the rendering of a final judgement in the Ph, it also showed tha thte3 Marcos assets in Switzerland were a product of embezzlement, fraud, and plunder of the public coffers 1995 Swiss courts ordered the transer of the Marcoses' Swiss deposits to the Ph pending the final and enforceable judgement on the disposition of the same.

Review of old agreements

• Uncovered the questionable sale of a sequestered Falcon jet.
• Conducted a review of the past compromise agreements which led to the discovery of the non remittance of P123.7 m by Mantrasco Inc, Anos Fonacier, Enrique Razon and Panlilio Group, and the collection of the same
• The Sandiganbayan convicted Pantranco North Express officials, Jose Crisanto Jr. and Fernando Balatbat, of selling assets of the sequestered bus company under disadvantageous terms

Court Case Status

• 1992 Imelda Marcos acquitted of criminal racketeering charges in a US court after she succeeded in portraying herself as a “poor widow who knew nothing about her husband’s activities” before the jury.
• 1993 The Sandiganbayan found Imelda Marcos and Jose Dans guilty of violating the Anti Graft and Corruption Practices Act; however, on appeal, the SC acquitted them, despite significant evidence against them.
• 1994 Obtained judgment against Ferdinand Marcos, Jr. for the non-filing of income tax returns and non-payment of tax due thereon amounting to Php 23 Million. Affirmed by the SC in 1997.
• 1995 US Federal Court in Hi awarded USD 1.96 B in compensation and damages to victims of HR violation during the Marcos Era, and issued a permanent injunction agains the transer of any of the Marcoses' assets.
• 1997 Completed investigation of the PhP15.74 B in behest loans in govt banks such as PNB and DBP, which led to the filing of 54 cases with the Office of the Ombudsman.
• 1998 Scored a major legal vicgtory when the SC set aside an ombudsman resolution dismissing the behest loans cases on the ground of prescription, paving hte way for the re-filing of 24 behest loan cases.

Timeline

Events in 1986

• In 1986, the PCGG sequestered several billions of pesos worth of property, including: the Malacañang jewelry collection; 236 corporations including the United Coconut Planter’s Bank (UCPB), Intercontinental Broadcasting (IBC13), Radio Philippines Network Inc (RPN 9), Philippine Communications Sattelite Corporation (PhilComSat), Philippine Overseas Telecommunications Company (POTC), Eastern Telecommunications Philippines Inc. (ETPI), Bataan Shipyard and Engineering Company (BASECO), Chemfields Inc., San Miguel Corporation (SMC), and Coconut Investment Corporation; and shares of stock in 143 other companies.

Secured the Award of Titles to two properties in New Jersey - Princeton Pike and Pendleton Drive - from the New Jersey Supreme Court.

• The PCGG also entered into its first settlement agreement with a Marcos Crony – an agreement with UNILAB founder Jose Yao Campos which yielded PhP 250 Million in cash, and PhP 2.5 Billion worth of titles to 197 properties in Metro Manila, Rizal, Laguna, Cavite, Bataan, and Baguio

• The PCGG filed a request for legal help from the Swiss Federal Government in order to recover USD 340 Million deposited in Swiss Banks by the Marcoses, under the International Mutual Assistance on Criminal Matters (IMAC) Act.

• The PCGG filed a USD 200 Million claim on 4 Marcos-owned buildings in New York City which had already been the subject of a Racketeer Influenced and Corrupt Organizations (RICO) case filed by the US Government – the Crown Building on 57th Street and 5th Avenue, the Herald Center on 34th and 6th Avenue; 200 Madison Avenue; and 40 Wall Street.

• Filed charges against the Marcoses in the US District Court for Fraud, Unjust Enrichment, Breach of Implied Contract, violation of the RICO Act, etc.

• Filed the first 39 civil cases for the recovery, reconveyance, reversion, accounting, and damages against the Marcoses and their cronies. The cronies against who cases were filed included: Alfredo Romualdez, Amando Romualdez, Jose Africa, Andres Genito, Herminio Disini, Alberto Looyuko, Rodolfo Cuenca, Bienvenido Tantoco, Lucio Tan, Fabian Ver, Eduardo Cojangco, Geronimo Velasco, Anos Fonacier, Roman Cruz, Fe Roa Gimenez, Ofelia Trinidad, Alfonso Lim, Major General Josephus Ramas, Jolly Bugarin, Emilio Yap, Luz Bakunawa, Antonio Martel, Vicente Chuidian, Jose De Venecia, Alejo Ganut, BGen Jaime Echeverria, Tomas Dumpit, Ricardo Silverio, Roberto Abling, Peter Sabido, Remedios Argana, Jesus Tanchanco, Roberto Benedicto, and Eduardo Marcelo.

• Held a public auction of momentos of the Marcos Regime at the Viscount International Hotel in the US, earning gross proceeds worth USD 702,797.

Advocated for what would eventually become Republic Act 6713 – the Code of Conduct and Ethical Standards for Public Officials and Employees 1987.

Events in 1987

Entered into a settlement agreement with Banana Magnate Antonio Floirendo, recovering PhP 70 Million in cash and assets, including the Lindenmire Estate in Long Island; Olympic Towers in Midtown Manhattan; and 2433 Makiki Heights Drive in Honolulu. Wins its case in the Swiss Federal Supreme Court on the Marcos deposits, with the court agreeing to lift the banking secrecy on the Marcos accounts. Filed an IMAC request with the Swiss Federal Office for Police Matters for mutual assistance in recovering the Marcos deposits. Earned PhP 34.59 Million by selling the Princeton Pike Property in New Jersey Restraining orders forbidding the Marcoses from transferring, conveying, and disposing assets tagged for recovery by the Philippine Government are issued by US District Courts.

Events in 1988

Recovered PhP375 Million from the Security Bank accounts of Rolando Gapud and Jose Yao Campos. Earned USD 870,380 through several auctins of furniture, rugs, books, and artwork at Christie’s New York. The Zurich Canton Court orders the turnover to the Philippines of all the Marcos’ Bank Records gathered by Swiss Bank Corporation Fribourg, and releases the frozen deposits to the Sandgiganbayan which would determine their rightful owner. A Federal Grand Jury in Manhattan charges the Marcoses with mail and wire fraud, obstruction of justice, interstate transportation of stolen property, and violating the RICO law. The UN Human Rights Commision calls on all UN member nations to help recover funds stolen by the leaders of Haiti and the Philippines, and to help “prevent individuals guilty of human rights violatins from profiting from their crimes.” They assert that “The millions of dollars stolen by the deposed leaders of the Philippines and Haiti should be returned to the Filipinos and Haitian people.”

Events in 1989

Began preparations for the auction of Marcos Paintings, Imelda Marcos’ Jewelry, and other valuables by initiating a joint inventory with the Commission on Audit. Earned PhP 58.280 Million in net proceeds by selling the Olympic Tower apartments. Lost a chance to earn from the 40 Wall Street Building because it was sold in a foreclosure sale for USD 3.25 Million. The lease would eventually be transferred to Donald Trump, who would rename it the Trump Building. Earned only a net amount of USD 1.5 Million out of the USD 25 Million sale of the Hearald Center on Broadway, due to mortgages taken on the property.

Events in 1990 unch

Entered into a settlement agreement with Meralco Foundation Inc, resulting in the transfer of control of 22 Million MFI Shares held by Meralco Foundation to a Board of Trustees chaired by the PCGG. Entered into a settlement agreement with Roberto Benedicto, recovering USD 16 Million in Swiss Bank Deposits, 32 Corporations, 100 Percent of the California Overseas Bank shares, shares in IBC 13 and RPN 9, and 51% of his agricultural lands, and cash dividends in some of his companies. Entered into a settlement agreement and partial release of claims with Imelda Marcos in the California Action; Mrs Marcos agreed to surrender to the RP her Sanwa Bank accounts amounting to PhP11.5 million and most of the Haiaii assets seized by US customs. Swiss Federal Court orders the transmission to the Philippines of documents on the Marcoses’ deposits in Geneva, Zurich, and Freburg.

Events in 1991 unch

Remitted USD 11,487,436 from the proceeds of a Christie’s auction of 99 paintings from the old masters collection confiscated from the marcoses and Adnan Khasoggi (David with the Head of Goliath by Francisco de Zubaran;The city of venice adoring the Christ child by Paolo Caliari, Il Veronese) Entered into a compromise agreement with Anthony Lee who ceded his shares in Mountainview Real Estate Corporation Filed a forfeiture case of Marcos swiss accounts in Sandiganbayan, seeking the recovery of assets deposited in the names of several Swiss Foundations organized by the Marcoses. The Marcoses started depositing money in their Swiss Accounts as eaerly as 1968, four years prior to the declaration of Martial Law Investigated leads on the billions of dollars worth of certificates of gold deposits allegedly stashed in a wwarehosue on Zurich’s Kloten airport USD 4.451 Million was recovered as proceeds from the sale of the Magnificient Silber ina n auction by Christie’s The Crown Bldg at 730 Fifth Ave NYC was sold for 93.6 M, ony 769, 852 of which was PCGG’s share in the net proceeds. Recovered P157.7 m from Security BT Company accounts

Events in 1992 unch

Negotiated for the return of P11.2 M of demonetized “ABL” notes confiscated from the Marcoses by the US Authorities in Hi Imelda Marcos acquitted of criminal racketeering charges ina US court after she succeeded in portraying herselv as a “poor widow who knew nothing about her husband’s activities” before the jury. Recovered an additional P69.7 m from SBTC accts The Hi Jewelry collection, seized by the US BOC upon the Marcoses’ arrival in Hi in 1986, was turned over to PCGG custody while the Roumeliotes jewelry collection which Demetriou Roumeliotes, believed to have links to the former FL IM, attempted to smuggle out of the country right after the ouster of the Ms, was turned over to the BOCustoms.

Events in 1993 UNCH

Obtained the original bearer certificates covering USD 30 m of T notes issued by the Ph Cent Bank in 1983 in favor of Bvank Hoffman and Swiss Bank Corp Uncovered the questionable sale of a sequestered Falcon jet.

The PCGG recovred USD 189, 149 as part of its share from th3 net procees from the sale of the 200 Madison Ave property.

Conducted a review of the past compromise agreements which led to the discovery of the non remittance of P123.7 m by Mantrasco Inc, Anos Fonacier, Enrique Razon and Panlilio Group, and the collection of the same

The Sandiganbayan found Imelda Marcos and Jose Dans guilty of violating the Anti Graft and Corruption Practices Act; however, on appeal, the SC acquitted them, despite significant evidence against them.

Events in 1994

Generated PhP13.5 billion from the privitization of the first batch of Meralco shares registered under the name of Benjamin Romualdez 16 Feb 199r sold 38,700 shares worth 13.57 Billion to the SSS and GSIS, remitting a net amount of 13.59 Billion to the BTR.

Privatized the Dasmariñas, Makati property that was returned to the Republic by JYC in 1986. 27 December 8,995 sq m Dasmariñas, Makati property for PhP 200 million , remitting a net amount of 204.5m to the BTR

The Sandiganbayan convicted Pantrano North Express officials, Jose Crisanto Jr. and Fernando Balatbat, of selling assets of the sequestered bus company under disadvantageous terms

Obtained judgment against Ferdinand Marcos, Jr. for the non-filing of income tax returns and non-payment of tax due thereon amounting to Php 23 Million.

Proceeds amounting to USD 3.292 million were recovered from the sale of thee Sandra Garcia collection (6 artworks) and Marc Cohen collection (4 artworks).

Privatized the Beverly Hills property in California, USA that was registered in the name of Antonio Floirendo, where the PCGG was able to remit USD 2,520, 471 from the sale, along wiht USD 45, 297 fromm the auction of the personal items/residual items found on the property. (27 Januar7y 1994 sold Beverly Hills property in California, USA registered in the name of Antonio Floirendo, for USD 2.7 Million, remitting P68.4 M to the BTR)

Events in 1995 UNCH

Privatized the Makiki Heights Property in Honolulu Hi that was registered under the name of Antonio Floirendo for USD 1.35 M and IRC Antipolo property in San i/sidro that was under the name of Jose Y. Campos for PhP 27.6 M 13 January 1995 sold the the Makiki Heights Property in Honolulu Hi that was registered under the name of Antonio Floirendo for USD 1.35 M , remitting PhP 35.2 M to the BTR

US Federal Court in Hi awarded USD 1.96 B in compensation and damages to victims of HR violation during the Marcos Era, and issued a permanent injunction agains the transer of any of the Marcoses' assets.

The PCGG filed with the DA in Zurich a petition for Additional Request for Mutual Assistance asking for Asset Repatriation even before the rendering of a final judgement in the Ph, it also showed tha thte3 Marcos assets in Switzerland were a product of embezzlement, fraud, and plunder of the public coffers.

Swiss courts ordered the transer of the Marcoses' Swiss deposits to the Ph pending the final and enforceable judgement on the disposition of the same.

Recovered P50 Million from a compromise agreement with Alejo Ganut Jr. representing the proceeds from time deposits and dollar accounts.

Events in 1996 UNCH

Privatized the Lindenmire estate in N/y that was under the name of Antonio Floirendo for USD 40 Million, of which the PCGG's share was USD 1.622 M (15 Aug 1996 53,540 Sq M Lindenmire estate in N/y that was under the name of Antonio Floirendo, gaining 1.622 M and remitting P57 M to the BTR)

Privatized the IRC Antipolo property (Victoria Valley Subdivision) that was registered under the name of Jose Yao Campos for PhP 35.15 M (July 1996 sold the 16,012 sq m IRC Antipolo property (Victoria Valley Subdivision) that was registered under the name of Jose Yao Campos for PhP 35.15 M

Entered into a compromise agreement with Antonio Martel/BREDco who ceded a 4.6 ha property in Bacolod

Events in 1997 UNCH

Generated P2.6 Billion from the privatization of the second batch of Meralco shares that were registered under the name of Benjamin Romualdez.

30,503,140 of the Benjamin Romualdez Meralco shares sold for PhP 2.6 B on 23 Oct 1997 to U?nION FENOSA Holdings inc (thrugh Meryll Lynch Far East Ltd.)

Completed investigation of the PhP15.74 B in behest loans in govt banks such as PNB and DBP, which led to the filing of 54 cases with the Office of the Ombudsman.

Events in 1998 UNCH

Settled case against Redwood Bank Calif resulting in the surrender by the bank's owners (Ramon Siy, Philip Ang, and Dewey Dee) of PhP 264 million to the government.

Recovered the Swiss bank documents and deposits of spouses Benjamin and Juliette Romualdez and ignacio and fe roa Gimenez, totalling USD 11.7 M and those of Roman cRuz' amounting to CHF 536,000.

Gnerated PhP 53 million from the privatization of the third batch of Meralco shares that were registered under the name of Benjamin Romualdez. 380,320 Shares worth PhP 53.3M sold on 16 Feb 1998 through Merrill Lynch Far East Ltd., remitting 76.9 to the BTR

Scored a major legal vicgtory when the SC set aside an ombudsman resolution dismissing the behest loans cases on the ground of prescription, paving hte way for the re-filing of 24 behest loan cases.

Events in 1999 UNCH

43 Farmer beneficiaries of CARP in Biliran, Leyte received individual land titles for 559,907 sq meters of surrendered property

Recovered USD 6.8 M representing the PCGG's share from the proceeds of the sale of REdwood Bank in CA, USA

Asisted the law firm of Heller Ehrman in the interpleader actin filed bhy Merrill Lunch agaisn the Arelma Inc assets came for the Swiss accounts but was transferred to Merill Lunch in the US

PCGG remitted to BTR the amt of P 263,822 M from the tola proceeds of the sale of the shares in Redwood Bank in Ca

Congress, which perceived the inefficiency of the commission, slahsed its annual budget by 50%; wiht the move to abolish the PCGG gaining ground

Privatized PLDT shares for PhP 72.4 M that were registred under the name of Jose Y. Campos 68.838 shares registred under the name of Jose Y. Campos sold fpr 74.3 M through the PSE on 20 and 23 Aug 1999, with 74.1 M remitted to BTR)

"When he was about to assume office as President of the Philippines in 1998, Mr. Joseph Estrada promised that the PCGG would be abolished in 6 months with the help of congress. There were several bills pending in congress that would abolish the PCGG. The Commission, however, is still alive and well, if not exactly the most effective agency in government." - The Jakarta Post, Opinion, 20 Aug 1999