Supreme Court · G.R. No. 152154 The Marcos Swiss Deposits — $658 Million Forfeited

On July 15, 2003, the Supreme Court of the Philippines ruled with finality that Swiss bank deposits — roughly $356 million in principal, valued at about $658,175,373.60 including interest as of January 31, 2002 — held under foreign dummy foundations (Azio, Wintrop, Rosalys and others) and transferred to escrow at the Philippine National Bank were "ill-gotten wealth," and forfeited them in favor of the Republic. The Court found that Ferdinand and Imelda Marcos's total lawful income as public officials from 1965 to 1986 came to only about $304,372.43 — making the Swiss fortune "manifestly and patently disproportionate" to anything they legally earned. The legal basis: under Republic Act No. 1379, property acquired by a public officer out of proportion to lawful salary is presumed unlawfully acquired unless explained. The Court denied the Marcoses' motion for reconsideration with finality on November 18, 2003. Separate recovery cases over other Marcos assets remain contested or have been dismissed on evidentiary grounds over the years; this 2003 ruling on the Swiss funds is the final, adjudicated determination — and the funds were recovered by the government in 2004.