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Case file s1024 · Japan and Southeast Asia · 1989
1989
Mariano Marcos: Mariano Marcos2
Mariano Marcos. Unknown author. Public domain, Wikimedia Commons.
Died
29 September 1989
Place
Honolulu, Hawaii, USA; Manila, Philippines
Field
head of state · Politics and government on the timeline
Legal tradition
Republic Act No. 1379 (forfeiture of unlawfully acquired property, 1955); Philippine estate tax law; Swiss mutual legal assistance · Civil law
Historical event
People Power Revolution and Marcos's exile (February 1986)

Marcos drew a salary of 100,000 pesos a year, and the Philippine Supreme Court took $658 million of his Swiss deposits

Ferdinand Marcos was president of the Philippines from 1966 to 1986. The official salary record puts his pay at 60,000 pesos a year to 1976 and 100,000 pesos a year from 1977 to 1985. He died in exile in Honolulu on 29 September 1989. In Switzerland the government traced US$356 million held through five groups of foundations, with names such as Azio-Verso-Vibur and Maler. On 21 December 1990 the Swiss Federal Tribunal ruled the money belonged in principle to the Philippines. On 28 December 1993 the Marcos children signed a global settlement with the government's recovery commission; it was never approved. The funds reached an escrow account in Manila in 1998. The Sandiganbayan anti-graft court forfeited them in 2000 and reversed itself in 2002. On 15 July 2003 the Supreme Court reinstated the forfeiture of US$658,175,373.60. In 1991 the tax bureau assessed the estate 23,293,607,638 pesos in estate tax. At the auction of 11 seized lots in Tacloban City on 5 July 1993 no one bid, and the lots went to the government. In 1997 the Supreme Court upheld the levy against the eldest son's challenge. On 9 November 2018 the Sandiganbayan convicted Imelda Marcos on seven counts of graft over dealings with Swiss-based foundations in the 1970s and 1980s, with six to 11 years per count. Status: convicted; she filed a notice of appeal to the Supreme Court in November 2018 and was allowed bail; no ruling on the appeal was found†.

What the law took from it

Under Philippine law, wealth "manifestly out of proportion" to an official's salary is presumed unlawfully acquired, and the heirs carry the burden of proving otherwise.

Cite as: celebrity.estate, “Marcos drew a salary of 100,000 pesos a year, and the Philippine Supreme Court took $658 million of his Swiss deposits,” story s1024, https://www.celebrity.estate/marcos-swiss-deposits-1989, updated 30 October 2026.

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