Marcos’ First Foreign Accounts Traced to ’68
Ousted Philippine President Ferdinand E. Marcos began transferring funds abroad in 1968 and obtained his foreign wealth from four main sources, according to the chairman of the Philippine government panel set up to try to recover that wealth.
Jovito Salonga, head of the Commission on Good Government, told the Swiss magazine Schweizer Illustrierte that Marcos and his wife, Imelda, opened Swiss bank accounts in the names of William Saunders and Jane Ryan in 1968.
Money was diverted to the accounts from reparations paid to the Philippines by Japan after World War II, from the Treasury and secret service funds, from funds given to the Philippines under World Bank projects and from the seizure of over 215 Philippine firms, Salonga was quoted as saying.
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