By: Elena Grace Flores
Direct Denial on the Shares for the People’s Inheritance
The Sandiganbayan allegedly ruled that bank deposits of the late President Ferdinand Marcos at the Traders Royal Bank (TRB) should be returned to the government. But the court also denied the PCGG’s appeal for the reconveyance to it of the 278,488 shares of stock issued in the name of the Royal Bank of Canada (RBC). They alleged that Marcos owns them. The Sandiganbayan said the shares are still under the name of the RBC. The bank is not a party to the case. In actuality, this is under the Marcos Foundation owned by the Filipino people. This serves as their inheritance.
No Sufficient Evidence
The court admits that there is no sufficient evidence, in this case, to prove that the shares belong to former President Marcos. They cannot pinpoint also that this is part of his alleged ill-gotten wealth or the people’s inheritance,” the decision read. The court added that it cannot hold the Bank of Commerce (BankCom), which acquired assets and liabilities of the RTHCI in 2001, liable.
Rehashed News to Undermine BBM’s Presidential Bid
The late president’s daughter Imee is currently a Senator. His son Bongbong is running for president in 2022. The bank deposits are clearly the personal savings of the Marcoses. Whereas the certificates are under the Marcos foundation that is the inheritance of the Filipino people. Marcos set this up in connection with the Central Bank, World Bank, and IMF. There are also trustees for this trust fund. This is why Congress must set laws to facilitate its transfer and use to fund government projects that can alleviate poverty.