$23-M in Marcos funds in Singapore bank belongs to PNB: report

Posted at 01/04/2014 7:39 PM | Updated as of 01/04/2014 8:37 PM

MANILA -- Singapore's high court has issued a ruling on the $23 million seized from the estate of late president Ferdinand Marcos.

The court said the money deposited in the Singapore branch of German bank WestLB belongs to the privately-owned Philippine National Bank (PNB).

The court explained that PNB held the legal title to the funds as original account holder with WestLB.

In 2004, WestLB went to court to determine the owner of the money after several groups laid claim to the funds.

The ruling comes amid competing claims from the Philippine government, 5 Marcos-linked foundations and a group of human rights victims.

According to presidential spokesperson Edwin Lacierda, Presidential Commission on Good Government chairman Andy Bautista said they see this development in a positive light, adding that PNB holds the monies in its capacity as a trustee for the republic pursuant to an escrow agreement with the government. -- Reports from ANC; Willard Cheng, ABS-CBN News