The Philippines has recovered assets worth $455 million in five years of tracking down wealth linked to former dictator Ferdinand Marcos, officials said Wednesday.
They said the government was also trying to recover at least $350 million believed kept by the Marcos family in banks in Switzerland and $200 million in Hong Kong.David Castro, chairman of the Presidential Commission on Good Government (PCGG), told a news conference the recovered $455.48 million worth of assets included real estate, art, silverware and shares owned by the Marcos family or their business associates.
The PCGG recovered many of the assets from businessmen acting as fronts for Marcos. The businessmen were given legal immunity.
The PCGG, formed in 1986 to trace Marcos-linked wealth around the world, says the family and its associates stole up to $10 billion from the country during the 20-year Marcos rule.
Marcos died in 1989 in Hawaii, where he had fled after being toppled in a 1986 revolt.