Freeze and Recover Marcos Illicit Assets

The freeze and prohibitions apply to assets and properties in which former President Ferdinand Marcos and/or Imelda Romualdez Marcos have any interest or participation.
The coverage extends to their close relatives, subordinates business associates, dummies, agents, or nominees.
The covered assets and properties include accounts, deposits, trust accounts, shares of stocks, buildings shopping centers, condominium, mansions, residences, estates, and other kinds of real and personal properties.
The covered properties include those in the Philippines and in various countries of the world.
Persons in the Philippines are covered when they hold covered assets or properties in their names as nominees, agents or trustees.

The order freezes all assets and properties in the Philippines in which former President Ferdinand Marcos and/or Imelda Romualdez Marcos, or their close relatives, subordinates business associates, dummies, agents, or nominees have any interest or participation.
The order prohibits any person from transferring, conveying, encumbering, or otherwise depleting or concealing the covered assets and properties.
The order also prohibits any person from assisting or taking part in the transfer, encumbrance, concealment, or dissipation of the covered assets and properties.
The prohibitions are imposed “under pain of such as penalties as are prescribed by law.”

All persons in the Philippines holding covered assets or properties, whether located in the Philippines or abroad, must make full disclosure to the Commission on Good Government.
Disclosure must cover assets or properties held in their names as nominees, agents or trustees.
Full disclosure must be made within 30 days from publication of Executive Order No. 2.
Disclosure must be supported by publication of the Executive Order in at least two (2) newspapers of general circulation in the Philippines, which starts the disclosure period.

The order prohibits former President Ferdinand Marcos and/or his wife, Imelda Romualdez Marcos, and their close relatives, subordinates business associates, dummies, agents, or nominees from transferring, conveying, encumbering, concealing, or dissipating covered assets and properties in the Philippines and abroad.
The prohibition applies pending the outcome of appropriate proceedings in the Philippines that determine whether the assets were acquired through improper or illegal use of or conversion of funds belonging to the Government of the Philippines or any of its branches, instrumentalities, enterprises, banks or financial institutions.
The prohibition also applies when assets were acquired by taking undue advantage of their official position, authority, relationship, connection or influence to unjustly enrich themselves at the expense and to the grave and prejudice of the Filipino people and the Republic of the Philippines.

The Presidential Commission on Good Government has responsibility for recovering the covered assets and properties for the Philippine Government.
The Presidential Commission on Good Government is also charged with investigating claims regarding the covered assets and properties.
The Commission is authorized to request and appeal to foreign governments where covered assets or properties may be found.
The Commission may ask foreign governments to freeze the assets and properties and prevent their transfer, conveyance, encumbrance, concealment, or liquidation by former President Ferdinand Marcos and Mrs. Romualdez Marcos, and their close relatives, subordinates, business associates, dummies, agents, or nominees.
This cross-border action is pending the outcome of appropriate proceedings in the Philippines determining how the assets were acquired.

The order is grounded on evidence that covered assets and properties had been or were acquired through improper or illegal use of funds or properties connected to the Government, or through taking undue advantage of office, authority, connections, or relationship.
The order emphasizes the prevention of transfer, disposition, concealment, or dissipation that would frustrate, obstruct, or hamper recovery efforts.
The order requires that former President Marcos and his wife and their covered associates be afforded a fair opportunity to contest claims before appropriate Philippine authorities, consistent with justice and due process.