PRESIDENTIAL Commission on Good Government (PCGG) Commissioner Ricardo Abcede said the proceeds from any compromise agreement with the Marcoses and their cronies regarding ill-gotten wealth could shield the country from negative effects of the current global economic downturn.

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Abcede issued the statement as he noted that "the government needs funds now if it is to come to the rescue of those worst hit by the global economic meltdown."

Earlier, the influential Makati Business Club (MBC) said the business community expects the country could face a recession next year, especially if the global economic meltdown would continue.

The PCGG official said he is in favor of the idea of a compromise agreement to resolve cases involving the alleged ill-gotten wealth cases of the family and cronies of the late dictator President Ferdinand Marcos that have been pending before the court for more than two decades now.

"If you are a coconut farmer, would you rather get P10,000 now, or wait another 10 years to possibly get P20,000 or P50,000? When do you want to send your children to school, 10 years from now?" Abcede said referring to the contested multibillion-peso coconut levy funds.

"If you don't settle you will still lose, because you suffer while waiting. You miss out opportunities while waiting. Due process is a beautiful thing that has an ugly price to it. It says `I will give you a hearing, but please wait in line.' You could die waiting in that long, long line," he added.

He pointed out that the Supreme Court (SC) is not against compromise agreements "as long as it is not grossly disadvantageous to the government and it is not contrary to public morals, customs, and policy."

A controversial figure since he came into PCGG, Abcede was criticized by various militant and farmers groups when he was caught on television dancing with former First Lady Imelda Marcos in her birthday party several years ago.

He also wants the famed jewelry collection of the late strongman's widow disposed to raise funds for the government.

"I want them disposed. What is the government going to do with those precious gems? Stock them in the vault with another two decades? Well, absolutely you cannot just put them in a museum as what some others were suggesting because it's too risky to do that and that you have to hire the best security expert in the world to guard the jewelry," Abcede said.

"I view settlement like rediscounting a post-dated check. You get what you need now, rather than later. And the government needs funds now. My personal opinion is not necessarily that of PCGG's, but I welcome opportunities for settlements because beneficiaries should not wait another 20 or more years for our courts to finally resolve sequestration cases," he said.

Mrs. Marcos is probably best known for her collection of more than 1,200 pairs of shoes, but she also built up an extensive jewelry collection

The "Malacanang" collection was named after the jewelries left behind at the Palace when the Marcoses fled in 1986 while the "Hawaii" collection was named after jewelries confiscated by the US Customs when the former First Family arrived at the US state to begin their exile.

According to Abcede, Mrs. Marcos has also the Roumeloites collection that were the most expensive as it includes a set of diamond-encrusted bracelet, earrings, and brooch believed to be worth around US$1.48 million.

There is also a 150.01 carat ruby pendant bigger than a thumb and a 12-carat diamond. It also includes a Persian-style necklace with more than 100 carats of canary and pink diamonds, and a diamond-studded bracelet with a 31-carat marquise at its center. (AH/Sunnex)

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(November 21, 2008 issue)
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