Manila pursuing Marcos assets

Manila pursuing Marcos assets

MANILA (Reuters): Philippine President Joseph Estrada said on Monday the government was pursuing the recovery of $30 million worth of assets believed to have belonged to late dictator Ferdinand Marcos.

The assets, including $2.5 million in cash along with stocks of major U.S. companies, were held in New York under the name of Panamanian firm Arelma Inc, the president's palace said in a statement.

The PCGG, or Presidential Commission on Good Government, is the government agency formed to track assets belonging to Marcos after he and his family fled the country after being toppled in a popular revolt in 1986. He died in exile in Hawaii in 1989.

The Arelma assets consisted of $2.5 million in cash and $19.19 million in stocks in U.S. firms, based on data dated Dec. 31, 1997, the palace said, adding the value had grown to $30 million, including interest. The assets were uncovered by the PCGG in June last year, it said.