Philippines recovers $29m from Ferdinand Marcos accountsBy AP News Feb 12, 2014 2:30PM UTC
MANILA, Philippines (AP) — The Philippines says it’s recovered more than $29 million from the Swiss accounts of late dictator Ferdinand Marcos and that the search for more of his hidden wealth continues 28 years after he was toppled.
Andres Bautista, chairman of the Presidential Commission on Good Government, said Wednesday that the money is part of the more than $712 million from Marcos’ secret Swiss accounts that’s now in government hands.
Bautista, whose agency is in charge of recovering Marcos’ ill-gotten wealth, said the government won ownership of the funds in Singapore courts over claims by victims of human rights violations under Marcos’ rule and private foundations representing the Marcoses.
Bautista said more than $4 billion has already been recovered from an estimated $5-10 billion amassed by the Marcoses during his 20-year rule.