Supreme Court E-Library
Information At Your Fingertips

  View printer friendly version

WHEREAS, the Government of the Philippines is in possession of evidence showing that there are assets and properties pertaining to former President Ferdinand E. Marcos, and/or Imelda Romualdez Marcos, their close relatives, subordinate business associates, dummies, agents or nominees which had been or were acquired by them directly or indirectly, through or as result of the improper or illegal use of funds or properties by the Government of the Philippines or any of its branches, instrumentalities, enterprises, banks or financial institutions, by taking undue advantage of their office, authority, connections or relationship, resulting in their unjust causing grave damage and prejudice to the Filipino people Republic of the Philippines

WHEREAS, said assets and properties are in the form of accounts, deposits, trust accounts, shares of stocks, buildings shopping centers, condominium, mansions, residences, estates and other kinds of real and personal properties in the Philippines and in various countries of the world;

WHEREAS, a Presidential Commission on Good Government has been established primarily charged with the responsibility of recovering the aforesaid assets and properties for the Philippi Government;

WHEREAS, any transfer disposition, concealment or dissipation of said assets and properties would frustrate, obstruct hamper the efforts of the Government of the Philippines to such assets and

WHEREAS, the Presidential Commission on Good Government is further charged with the duty of investigating claims with respect to these assets and properties;

WHEREAS, in accordance with the requirements of justice and due process, it is the position of the new democratic government that former President Marcos and his wife, Imelda Romualdez Marcos, their close relatives; subordinates  business associates, dummies, agents or nominees be afforded fair opportunity to contest these claims before appropriate Philippine authorities;

NOW, THEREFORE, I. Corazon C Aquino, President of Philippines, hereby;

(1)  Freeze all assets and properties in the Philippine in which former President Marcos and/or his wife, Imelda Romualdez Marcos, their close relatives, subordinates, business associates, dummies, agents, or nominees have any interest or participation;

(2)  Prohibit any person from transferring, conveying encumbering or otherwise depleting or concealing such assets and or properties or from assisting or taking part in their transfer, encumbrance, concealment, or dissipation under pain of such as penalties as are prescribed by law.

(3)  Require all persons in the Philippines holding assets or properties. whether located in the Philippines or abroad, in their names as nominees, agents or trustees, to make full disclosure of the same to the Commission on Good Government within (30) days from publication of this Executive Order, substance thereof, in at least two (2) newspapers of general circulation in the Philippines

(4)  Prohibit former President Ferdinand Marcos and/or his wife. Imelda Romualdez Marcos, their close relatives, subordinates, business associates, dummies, agents, or nominees from transferring, conveying, encumbering, concealing or dissipating said assets or properties in the Philippines and abroad, pending the outcome of appropriate proceedings in the Philippines to determine whether any such assets or properties were acquired by them through or as a result of improper or illegal use of or conversion of funds belonging to the Government of the Philippine or any of its branches, instrumentalities, enterprises, banks or financial institutions, or by taking undue advantage of their official position, authority, relationship, connection or influence to unjustly enrich themselves at the expense and to the grave and prejudice of the Filipino people and the Republic of the Philippines

The Commission on Good Government is hereby authorized to request and appeal to foreign governments wherein any such assets or properties may be found to freeze them and otherwise prevent their transfer, conveyance, encumbrance, concealment or liquidation by former President Ferdinand E. Marcos and Mrs Romualdez Marcos, their close relatives, subordinates, business associates, dummies, agents, or nominees, pending the outcome appropriate proceedings in the Philippines to determine whether such assets or properties were acquired by such persons through improper or illegal use of funds belonging to the Government of the Philippines or any of its branches, instrumentalities apprises, banks, or financial institutions or by taking undue advantage of their office, authority, influence, connections or relationship.

DONE in the City of Manila, Philippines this day 12th day March, in the year of our Lord Nineteen Eighty Six


By the President:

(Sgd.) JOKER P. ARROYO
Executive Secretary