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Presidential Plunder: The Quest for the Marcos Ill-Gotten Wealth
A detailed account of the history of the ill-gotten wealth of the regime of Ferdinand Marcos, who was the Philippine dictator from 1972-1986. Based on primary accounts and documents collated by Presidential Commission on Good Government (PCGG), Salonga discusses the story of tracing the offshore accounts, properties and assets held by Marcos, his family and his business associates and attempts by the Philippine Government in recovering these assets totaling to an estimated $10 billion.
- GenresHistoryNonfiction
421 pages, Hardcover
First published January 1, 2000
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Displaying 1 - 4 of 4 reviews
June 10, 2022
An essential read of the efforts of PCGG to recover the ill-gotten wealth of the Marcos family, especially in this period of rampant historical revisionism in the Philippines.
A few points that I did not know about until I read this book:
1. Ferdinand Marcos was recognized in the Guinness Book of World Records as the biggest thief in the world, "salting away" $860.8 million, and that the national loss was supposedly $5-10 billion. By the way, as of March 2022, this page in the GWR has been scrubbed.
2. Not only was the Marcos family plundering the Philippine Central Bank and using the Philippine intelligence budget to pay for travelling expenses and shopping sprees, but they were also skimming off foreign aid in support of Philippine Civil Action Group (PHILCAG) in Viet Nam.
3. Due to delays and inaction of the Philippine government in handling the 4 Manhattan properties associated with the Marcos family, these properties were foreclosed. The PH government only received $5M.
4. The Marcos family had attempted to enter into a compromise agreement with the Philippine government, which specified all criminal & civil cases against their family to be dropped and to be exempted from any tax liability from their estate. This compromise agreement should be null & void because it is unconstitutional. To this date, the Marcos family only want reconciliation without any attempts to come to terms with the wrongs they have committed.
May the Philippine people never forget that not only is it important to recover the ill gotten wealth, but it is equally important to recover our honor, our moral values and our sense of integrity.
A few points that I did not know about until I read this book:
1. Ferdinand Marcos was recognized in the Guinness Book of World Records as the biggest thief in the world, "salting away" $860.8 million, and that the national loss was supposedly $5-10 billion. By the way, as of March 2022, this page in the GWR has been scrubbed.
2. Not only was the Marcos family plundering the Philippine Central Bank and using the Philippine intelligence budget to pay for travelling expenses and shopping sprees, but they were also skimming off foreign aid in support of Philippine Civil Action Group (PHILCAG) in Viet Nam.
3. Due to delays and inaction of the Philippine government in handling the 4 Manhattan properties associated with the Marcos family, these properties were foreclosed. The PH government only received $5M.
4. The Marcos family had attempted to enter into a compromise agreement with the Philippine government, which specified all criminal & civil cases against their family to be dropped and to be exempted from any tax liability from their estate. This compromise agreement should be null & void because it is unconstitutional. To this date, the Marcos family only want reconciliation without any attempts to come to terms with the wrongs they have committed.
May the Philippine people never forget that not only is it important to recover the ill gotten wealth, but it is equally important to recover our honor, our moral values and our sense of integrity.
July 12, 2022
After reading this, my admiration and respect for Jovito Salonga increased tenfold. I wish we have more honorable statesmen like him in our government.
My favorite part in this book was Operation Big Bird. I felt like I was watching a Bourne movie!
My favorite part in this book was Operation Big Bird. I felt like I was watching a Bourne movie!
“As I am in the habit of saying - whenever I am asked about why evil continues to flourish in our midst up to this hour - my answer has always been: 'The reason is simple: Good men and good women get sick and tired of being good before bad men and bad women get sick and tired of being bad.”
June 25, 2024
“Let us not betray our people’s faith in us. For if we do, a dictator will come again some day, in the name of national security and stability and do what Marcos did, since after all, Marcos and his associates here and abroad shall have demonstrated for all the world to see that crime pays.”
April 25, 2026
The book says a lot about what it did not write about, the naivety and incompetence of supposedly our best & brightest who were tasked to come after the ill-gotten wealth.
If only Cory listened to Larry Henares (and Primitivo Mijares on his book "The Conjugal Dictatorship') to default on all the loans obtained during the Martial law years and let those lenders and banks come after the Marcoses and their cronies instead.
Another memoir that also covered some of the topics here is "Endless Journey: A Memoir" of Jose Almonte and written by Marites Vitug.
If only Cory listened to Larry Henares (and Primitivo Mijares on his book "The Conjugal Dictatorship') to default on all the loans obtained during the Martial law years and let those lenders and banks come after the Marcoses and their cronies instead.
Another memoir that also covered some of the topics here is "Endless Journey: A Memoir" of Jose Almonte and written by Marites Vitug.
Displaying 1 - 4 of 4 reviews