Chronology of the Plunder - Part 1

Charlie Avila, who HAS NOT forgotten what the Marcoses did, reminds us, in his CHRONOLOGY OF THE MARCOS PLUNDER, that in…

September 1976, the Marcoses bought their first property in the U.S. - a condo in the exclusive Olympic Towers on Fifth Avenue in New York . Five months later they would also buy the three adjoining apartments, paying a total of $4,000,000.00 for the four and using Antonio Floirendo's company, The Adventures Limited in Hong Kong , as front for these purchases.

October 13, 1977 Today, after addressing the UN General Assembly, Imelda celebrated by going shopping and spending $384,000 including $50,000 for a platinum bracelet with rubies; $50,000 for a diamond bracelet; and $58,000 for a pin set with diamonds.

The day before, Vilma Bautista, one of her private secretaries, paid $18,500 for a gold pendant with diamonds and emeralds; $9,450 for a gold ring with diamonds and emeralds; and $4,800 for a gold and diamond necklace.

October 27, 1977
The Marcoses donated $1.5 million to Tufts University in Boston , endowing a professorial chair in East Asian and Pacific Studies at the Fletcher School of Law and Diplomacy. The students and professors discovered this and forced the school to reject the donation. To save face, the Marcoses were allowed to finance several seminars and lectures.

November 2, 1977 Still at her shopping spree, Imelda paid $450,000 for a gold necklace and bracelet with emeralds, rubies, and diamonds; $300,000 for a gold ring with emeralds and diamonds; and $300,000 for a gold pendant with diamonds,
rubies, and thirty-nine emeralds.

July 1978 After a trip to Russia , Imelda arrived in New York and immediately warmed up for a shopping spree. She started with paying $193,320 for antiques, including $12,000 for a Ming Period side table; $24,000 for a pair of Georgian mahogany Gainsborough armchairs; $6,240 for a Sheraton double-sided writing desk; $11,600 for a George II wood side table with marble top - all in the name of the Philippine consulate to dodge New York sales tax.

That was merely for starters.

A week later she spent $2,181,000.00 in one day! This included $1,150,000 for a platinum and emerald bracelet with diamonds from Bulgari; $330,000 for a necklace with a ruby, diamonds, and emeralds; $300,000 for a ring with heart-shaped emeralds; $78,000 for 18-carat gold ear clips with diamonds; $300,000 for a pendant with canary diamonds, rubies and emeralds on a gold chain.

After New York, she dropped by Hong Kong where a Cartier representative admitted it was this Filipina, Imelda, who had put together the world's largest collection of gems - in 1978.

May 1979 The Marcos couple celebrated their twenty-fifth wedding anniversary in a party that cost $5,000,000.00 There was a silver carriage drawn by eight white horses.

November 23, 1978 A house was purchased at 4 Capshire Drive in Cherry Hill , New Jersey (actually near to Philadelphia where Bongbong was taking courses at that time) for use by servants and Bongbong's security detachment. The Marcoses did not neglect their annual real estate purchase. During this year and next year, 1979, they purchased two properties - one at 3850 Princeton Pike, Princeton - a 13-acre estate for use by daughter Imee as she attended Princeton .

The other was a house at 19 Pendleton Drive in Cherry Hill for use of Bongbong and under the name of Tristan Beplat, erstwhile head of the American Chamber of Commerce in the Philippines .

April 1979 n two days in New York this month, Imelda spent $280,000 for a necklace wet with emeralds and diamonds; $18,500 for a yellow gold evening bag with one round cut diamond; $8,975.20 for 20-carat gold ear clips with twenty-four baguette diamonds; $8,438.10 for 18-carat gold ear clips with fifty-two tapered baguette diamonds; and $12,056.50 for 20 carat gold ear clips with diamonds.

June 1980 For $1,577,000.00 in New York Imelda buys Webster Hotel on West 45th Street . She rewards Gen. Romeo Gatan as a limited partner.. Gatan arrested Ninoy at the beginning of Martial Law.

The insurgents' ranks grew by twenty percent a year.. Meritorious officers in the armed forces experienced low moral due to Marcos' penchant for promoting friends over more deserving officers.

February 16, 1986 In Fe's records of monies paid out during Marcos' last campaign, one unusually large item was authorized by "FL" (First Lady) and paid to Assemblyman Arturo Pacificador on this day. A few days later, two carloads
of men drove into San Jose , the provincial capital of Antique. Evelio Javier, head of Aquino's campaign, was watching the votes being counted when the men opened fire and killed Evelio after he was still able to run through town but finally got cornered in a public toilet where he was gunned down in front of shocked townspeople. Pacificador was later convicted of the murder.

February 25, 1986 Marcos fled the Philippines leaving behind a foreign debt of $27 billion and a bureaucracy gone mad. "Cash advances" for the elections from the national treasury amounted to Php3.12 billion ($150 million). The Central Bank printed millions of peso bills, many with the same serial number. Sixty million pesos in newly printed bills were found in a vehicle owned by Imelda's brother Bejo in the Port Area of Manila, and another Php 100 million aboard the MV Legaspi also owned by Bejo Romualdez.

How massive and humongous a loot Marcos took can be deduced from the known losses he left behind. The known losses he left at the Central Bank included $1.2 billion in missing reserves and $6 billion in the Special Accounts.

Imelda charged off most of her spending sprees to the PNB or Philippine National Bank which creatively wrote off her debts as "unresponded transfers".

Ver also used PNB funds to finance his "intelligence" operations.

The known losses at the PNB amounted to Php72.1 billion.

At the DBP, the losses Marcos left behind totaled Php85 billion;

at the Philguarantee, it was Php 6.2 billion ;

and at the NIDC or National Investment and Development Corporation (NDC) - the losses amounted to Php 2.8 billion.

These losses were primarily due to cronyism - giving loans to cronies that had little or no collateral, whose corporations were undercapitalized, whose
loan proceeds were not used for the avowed purpose, and where the practice of corporate layering was common, i.e. using two or more companies with the same incorporators and officers, whereby one company which gives the loan owns the company which obtains the loan, or similar arrangements.

The cronies enjoyed their closeness to Marcos. With him they formed a Grand Coalition. They participated in the exercise of dictatorship. But Marcos owned them. The wealth of the cronies belonged to him. Because of the free rides taken by Imelda, Marcos and the cronies, the Philippine Airlines was in debt by $13.8 billion.

The conservative Grand Total for losses Marcos left behind (and therefore the kind of loot he grabbed and hid) amounted to $17..1 billion. The Central Bank, the PNB, and other financial institutions badly need an audit. The special review (not regular audit because there seems not to have been any - there are no records anyway) did not uncover Imelda's spending - her name never appeared - and Ver's intelligence fund. The review gave no hint of theft or missing money, only "downward adjustments" and "proposed adjustments" to "deficiencies" and "shortages of money".