By: Elena Grace Flores
Special Trust Account
Atty. Karen Hudes, a World Bank lawyer for 21 years testifies that the country’s funds from the gold collection are under a special trust fund. It was set up by the late president Ferdinand Marcos. The Marcos foundation is the beneficiary for the benefit of the Filipino people.
Blind Trust Fund
There is no such thing as ill-gotten wealth. Former president Marcos explained it in one of his speeches. He said that the alleged ill-gotten wealth of the Marcoses are under a blind trust fund. It is under the control of a trustee. All income from that account goes to the Marcos foundation for the welfare of Filipinos.
World Bank Loans
This is the reason why the Philippines can borrow a vast amount of money from the World Bank at an almost zero percent interest rate. It is not true that such debts can oblige future generations to pay. In fact, all those debts have guarantees already. It is in the will of Marcos that the trust fund is only for projects that can benefit the Filipino public. No one can steal it even his own family.