Prohibition against transfer and dissipation of assets
- It prohibits any person from transferring, conveying, encumbering, or otherwise depleting or concealing such assets or properties.
- Assisting or taking part in such unauthorized activities is also prohibited.
- Violators are subject to penalties prescribed by law.
Disclosure requirement
- All persons holding assets or properties in the Philippines or abroad in the name of nominees, agents, or trustees must disclose these to the Presidential Commission on Good Government.
- The disclosure must be made within thirty (30) days from the publication of the Executive Order in at least two newspapers of general circulation.
Restrictions on Marcos and associates
- Former President Marcos, his wife Imelda Romualdez Marcos, their close relatives, subordinates, business associates, dummies, agents, or nominees are specifically prohibited from transferring, conveying, encumbering, concealing, or dissipating assets or properties.
- These restrictions apply pending the outcome of appropriate legal proceedings to determine the legitimacy of the acquisition of such assets.
Establishment and powers of the Presidential Commission on Good Government (PCGG)
- The PCGG is vested with the responsibility of recovering assets and properties illegally acquired or misappropriated by the Marcoses and their associates.
- The Commission is also charged with investigating claims related to these assets.
- The PCGG may request foreign governments to freeze and prevent transfer or liquidation of assets located abroad.
Scope of the law
- Covers all assets and properties either directly or indirectly acquired through improper or illegal use of Government funds or properties.
- Applies to assets inside the Philippines and abroad.
- Assets include accounts, deposits, trust accounts, shares of stock, buildings, shopping centers, condominiums, mansions, residences, estates, and other real and personal properties.
Grounds for action
- Assets are presumed acquired through the improper or illegal use of Government resources or undue advantage of official position, authority, or connections.
- The unjust enrichment caused grave damage and prejudice to the Filipino people and the Republic of the Philippines.
Due process considerations
- The law emphasizes that former President Marcos and affiliates must be afforded a fair opportunity to contest claims regarding the assets before appropriate Philippine authorities.
Enforcement and cooperation with foreign governments
- PCGG is authorized to coordinate with foreign governments to freeze and safeguard Marcos-related assets abroad.
- This cooperation aims to prevent dissipation pending final determination on the assets' legitimacy.
Legal consequences
- Violations involving transfer, concealment, or dissipation of assets may result in penalties as prescribed by existing Philippine laws.
Purpose and rationale
- The law aims to protect public interest by safeguarding government assets from unlawful acquisition and recovery of ill-gotten wealth.
- It upholds accountability and transparency in the use of public funds and properties.