QuestionsQuestions (EXECUTIVE ORDER NO. 2)
It freezes and prevents the transfer, concealment, dissipation, or depletion of assets and properties believed to be unlawfully acquired or misappropriated by former President Ferdinand Marcos, Imelda Marcos, and persons closely connected to them, and authorizes the Presidential Commission on Good Government (PCGG) to recover these assets for the Philippine government.
The order covers a wide range of assets and properties, including accounts, deposits, trust accounts, shares of stock, buildings and shopping centers, condominium units, mansions, residences, estates, and other kinds of real and personal properties located in the Philippines and abroad.
EO No. 2 covers their close relatives, subordinate business associates, dummies, agents, or nominees.
It freezes all assets and properties in which the covered persons have any interest or participation—meaning those assets cannot be transferred or otherwise dealt with in a way that would frustrate recovery efforts, subject to the prohibition and procedures under the order and applicable law.
It prohibits any person from transferring, conveying, encumbering, depleting, or concealing such assets or properties, or assisting in their transfer, encumbrance, concealment, or dissipation. Violations are penalized by penalties prescribed by law.
Yes. Persons in the Philippines holding covered assets—whether located in the Philippines or abroad—under their names as nominees, agents, or trustees must make full disclosure to the PCGG within 30 days from publication of the EO. The EO also states publication is in at least two newspapers of general circulation in the Philippines.
The Presidential Commission on Good Government (PCGG) is primarily responsible for recovering the assets and properties for the Philippine government.
The PCGG is charged with investigating claims with respect to the assets and properties, and it is described as providing a forum where covered persons can contest claims before appropriate Philippine authorities in line with due process.
The order states that, consistent with the requirements of justice and due process, former President Marcos, Imelda Marcos, and the covered persons are to be afforded a fair opportunity to contest these claims before appropriate Philippine authorities.
It prohibits them from transferring, conveying, encumbering, concealing, or dissipating the assets or properties in the Philippines and abroad pending the outcome of appropriate Philippine proceedings to determine if the assets were acquired through improper or illegal use/conversion of government funds or through undue advantage of their position, authority, relationship, connections, or influence.
The order links the assets to improper or illegal use or conversion of government funds by covered persons, including taking undue advantage of official position, authority, relationships, connections, or influence, resulting in unjust enrichment and grave damage and prejudice to the Filipino people.
It warns that any transfer, disposition, concealment, or dissipation of these assets would frustrate, obstruct, or hamper the government’s efforts to recover them.
It authorizes the PCGG to request and appeal to foreign governments where the assets may be found, so those governments can freeze the assets and prevent their transfer, conveyance, encumbrance, concealment, or liquidation, pending appropriate Philippine proceedings.
Yes. It covers assets and properties in the Philippines and various countries of the world, and it requires disclosure by persons in the Philippines even when the assets are located abroad.
Publication triggers the 30-day deadline for disclosure by persons holding covered assets. The EO specifies publication in at least two newspapers of general circulation in the Philippines.
It signals that the freeze and recovery actions are not meant to be purely ex parte; the order anticipates subsequent Philippine proceedings where the covered persons can challenge the government’s assertions regarding the assets’ alleged illicit origin.