Alleged $10B Hidden Wealth of Ferdinand Marcos Estimate has NO Legal Basis – Ex-PCGG Chief Bautista

Ex-PCGG Chief Bautista: Alleged $10B Hidden Wealth of Ferdinand Marcos Estimate has NO Legal Basis

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Ex-PCGG chair Andres Bautista himself said that there’s no legal basis for the $10B estimate of the alleged hidden wealth of the late President Ferdinand E. Marcos. Even former President “Erap” Estrada wants PCGG abolished. He showed his fascination to the son, Bongbong Marcos by calling him the next Vice President of the Philippines.

[VIDEO]: In running after Marcos’ wealth, PCGG merely estimated the extent of Marcos assets and those who were associated with them known as cronies. Without proving that these assets were from public funds, the SC assumed that all assets above Ferdinand’s and Imelda’s salary during Marcos presidency are all ill-gotten,

Aquino’s Revenge

The PCGG was created through Executive Order No. 1, the first official act of former president Corazon Aquino after the 1986 People Power Revolution. It was tasked to recover the ill-gotten wealth of the late dictator Ferdinand Marcos, his family, and his cronies. t only has one objective and is running more than 30 years now.

No Legal Basis

The salaries of the late Ferdinand E. Marcos and his first lady, Imelda Marcos during that time were the only references in the estimate of the so-called hidden wealth. However, Mrs. Marcos disputes them by saying that her husband already has some gold collections before he became president. With the increasing currency exchange rates, it is just reasonable that the value of their possessions also increases.

President’s Call

The President said on his SONA House Bill 5707 is under scrutiny. This is the proposed Rightsizing the National Government Act. That would grant the president the power to abolish useless offices under the executive branch. Those with overlapping functions or no longer necessary. PCGG is one of them.

10 Billion Estimate Unreal

In 1998 then President Joseph Ejercito Estrada calls on Congress to pass a law to abolish the PCGG. The estimate of $10 billion ill-gotten wealth to collect might be so attractive but is it real? Imelda Marcos already disputes most of the possessions taken from her. She said that they are her personal belongings. So, if the big amount is just floating in the minds of the Marcos detractors, they better spit it out.

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