PCGG welcomes US high court ruling on Marcos wealth
06/13/2008 | 03:20 PM
MANILA, Philippines - The Presidential Commission on Good Government on Friday welcomed a US Supreme Court decision regarding the ownership of $35 million that the late dictator, President Marcos, funneled out of the Philippines in 1972.
In a statement, PCGG Commissioner Narciso Nario welcomed the decision, saying that there would be no more obstacles in claiming the account since it was done by the US Supreme Court.
Nario said that the account - estimated at $35 million in 2000 - could reach as high as $37 million now and could be used for the government's Comprehensive Agrarian Reform Program or CARP.
"There is a decision already by the US Supreme Court. All we have to do is wait for it to become final and executory and then it will be turned over to us," he said.
The PCGG statement came after the Supreme Court - in a 7-2 decision - ruled that US courts were wrong to proceed with a lawsuit that a federal judge in Hawaii decided in the victims' favor.
In September 2000, Merrill Lynch asked the US courts to decide the dispute.
The Philippine government had wanted a Philippine court to rule on the matter before US courts decide the issue. Justice Anthony Kennedy's majority opinion agreed to that approach, ordering dismissal of the US case.
The fight stems from Marcos' transfer of $2 million in 1972 to Arelma S.A., a Panamanian shell corporation that invested the money with Merrill Lynch, Pierce, Fenner & Smith Inc., in New York.
Nario said that once claimed, the amount would be a big boost especially to the controversial Comprehensive Agrarian Reform Program, which was given an extension of until the end of the year.
Lawyers for the Marcos victims lamented the US Supreme Court decision.
In a joint statement, Atty. Domingo and Swift said that the decision marks an unprecedented surrender of federal court jurisdiction.
"The U. S. Supreme Court ruled that the Philippine government declared sovereign immunity prevented United States courts from adjudicating entitlement to funds which have been there for 35 years," he said.
Domingo lamented that despite the passage of 22 years since the Philippines learned about the assets, the Court opted to give Philippine courts a chance to rule – even in the absence of evidence – that the money belongs to the Philippine government.
He added that the case marks the first time the US Supreme Court surrendered the jurisdiction of its courts to a foreign country – and in this instance to a third world country which was not known for its not being corrupt.
Contrary to the belief of the PCGG that the money will be turned over next month, Swift warned that it will be that easy.
"We are disappointed that there will be another delay in distribution of the money to the Filipino victims. Still, the money will revert to Merrill Lynch and remain in the United States. It will not go to the Philippine government," he said.
Swift also said that the U S Supreme Court decision is not really that decisive.
He argued that the decision did touch on other issues, such as that the Philippine government is not entitled to the money since no evidence at all was introduced.
Nevertheless, Swift said that they are not losing hope for the victims of human rights abuses to be compensated as they have trained their eyes on another Marcos account that they are disputing with the Philippine government, this time, in Singapore.
"We have other options and remedies. There is the pending case of interpleader in Singapore where the victims have gained the upper hand and where it was ruled by the High Court that the sovereign immunity of the Philippine government is unavailing because the asset or res is in Singapore. Then, there are cases in Texas and Colorado against the closed relatives and cronies of the late Jose Y. Campos. We also have the case against the estate of the Marcoses in our local court for enforcement of our foreign judgment. We are all pursuing these litigations," he said. - GMANews.TV
In a statement, PCGG Commissioner Narciso Nario welcomed the decision, saying that there would be no more obstacles in claiming the account since it was done by the US Supreme Court.
Nario said that the account - estimated at $35 million in 2000 - could reach as high as $37 million now and could be used for the government's Comprehensive Agrarian Reform Program or CARP.
"There is a decision already by the US Supreme Court. All we have to do is wait for it to become final and executory and then it will be turned over to us," he said.
The PCGG statement came after the Supreme Court - in a 7-2 decision - ruled that US courts were wrong to proceed with a lawsuit that a federal judge in Hawaii decided in the victims' favor.
In September 2000, Merrill Lynch asked the US courts to decide the dispute.
The Philippine government had wanted a Philippine court to rule on the matter before US courts decide the issue. Justice Anthony Kennedy's majority opinion agreed to that approach, ordering dismissal of the US case.
The fight stems from Marcos' transfer of $2 million in 1972 to Arelma S.A., a Panamanian shell corporation that invested the money with Merrill Lynch, Pierce, Fenner & Smith Inc., in New York.
Nario said that once claimed, the amount would be a big boost especially to the controversial Comprehensive Agrarian Reform Program, which was given an extension of until the end of the year.
Lawyers for the Marcos victims lamented the US Supreme Court decision.
In a joint statement, Atty. Domingo and Swift said that the decision marks an unprecedented surrender of federal court jurisdiction.
"The U. S. Supreme Court ruled that the Philippine government declared sovereign immunity prevented United States courts from adjudicating entitlement to funds which have been there for 35 years," he said.
Domingo lamented that despite the passage of 22 years since the Philippines learned about the assets, the Court opted to give Philippine courts a chance to rule – even in the absence of evidence – that the money belongs to the Philippine government.
He added that the case marks the first time the US Supreme Court surrendered the jurisdiction of its courts to a foreign country – and in this instance to a third world country which was not known for its not being corrupt.
Contrary to the belief of the PCGG that the money will be turned over next month, Swift warned that it will be that easy.
"We are disappointed that there will be another delay in distribution of the money to the Filipino victims. Still, the money will revert to Merrill Lynch and remain in the United States. It will not go to the Philippine government," he said.
Swift also said that the U S Supreme Court decision is not really that decisive.
He argued that the decision did touch on other issues, such as that the Philippine government is not entitled to the money since no evidence at all was introduced.
Nevertheless, Swift said that they are not losing hope for the victims of human rights abuses to be compensated as they have trained their eyes on another Marcos account that they are disputing with the Philippine government, this time, in Singapore.
"We have other options and remedies. There is the pending case of interpleader in Singapore where the victims have gained the upper hand and where it was ruled by the High Court that the sovereign immunity of the Philippine government is unavailing because the asset or res is in Singapore. Then, there are cases in Texas and Colorado against the closed relatives and cronies of the late Jose Y. Campos. We also have the case against the estate of the Marcoses in our local court for enforcement of our foreign judgment. We are all pursuing these litigations," he said. - GMANews.TV
