RP lauds Swiss action on Marcos wealth

RP lauds Swiss action on Marcos wealth

PHILIPPINES: The Philippine government and victims of human rights abuses under former president Ferdinand Marcos have lauded Switzerland's decision to release millions of dollars that the late dictator stashed in Swiss banks.

The Swiss Justice Ministry said on Tuesday the Philippines can dispose of the Marcos assets, which were deposited in a frozen account in 1998 and have since grown to about US$683 million.

Swiss and Philippine officials met in Zurich on Tuesday to conclude the case following a July 15 ruling by the Philippine Supreme Court that awarded the frozen deposits to Manila. The court ruled that the Marcos family "failed to justify the lawful nature of their acquisition" of the funds. --AP