P1.3 billion in Marcos loot recovered

MANILA - The Presidential Commission on Good Government has recovered around US$29 million or over 1.3 billion pesos in hidden wealth of former president Ferdinand Marcos that was held up in litigation in Singapore. In a press briefing, PCGG Chairman Andres Bautista said the commission has remitted US$20.2 million and 5.3 million pounds sterling to the Bureau of Treasury last February 5 and 10,2014 respectively "These amounts collectively are around approximately 29 million US dollars or over 1.3 billion pesos. These recovered amounts form part of the Swiss bank accounts of former President Ferdinand Marcos and his family that were ordered forfeited by the Philippine Supreme Court in 2003 but which were held up in litigation in Singapore since then," he said. ANC, February 12, 2014