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Quarterly Roundup & Outlook


Recovering Marcos’ wealth
The government has said it is open to deals with the family and business partners of former president Ferdinand Marcos to end court cases involving about 180 billion pesos ($4 billion).

There are 23 ‘banner’ or big cases pending in the anti-graft court. According to Camilo Sabio, head of the Presidential Commission on Good Government (PCGG), an agency tasked to search and recover nearly $10 billion worth of assets allegedly stolen by the late dictator, his family and partners, the authorities are ready to consider proposals for amicable settlement depending on the nature of proposals.

Since 1986, when PCGG was created, only $1.8 billion has been recovered, including $658 million in various Swiss bank accounts. The government has entered into deals in the past with some minor partners of the Marcoses, but not with the family itself or his major allies.

• Marcos lying in state

Two of the former dictator’s big business allies are top businessmen - San Miguel Corp chairman Eduardo Cojuangco and billionaire Lucio Tan, whose varied interests include Philippine Airlines, Allied Bank, Fortune Tobacco and Asia Brewery.

Marcos and his family are accused of pilfering $10 billion from state funds during his 20-year, iron-fisted rule. Marcos was toppled by an armybacked popular uprising in 1986 and died in exile in Hawaii three years later. Marcos is survived by his widow Imelda, a son and two daughters.


The gloomiest lot
When it comes to the future, affluent Singaporeans, despite being relatively well-off and well-prepared for retirement, have turned out to be the gloomiest lot in Asia.

A recent survey conducted by AXA Life Insurance has found Singaporeans, who bought the most insurance in the region, had the lowest level of confidence and satisfaction about life among 2,400 respondents from eight countries who took part in the study.

AXA’s Life Outlook Index revealed that six in 10 ‘mass affluent’ Singaporeans, whose monthly personal incomes average S$4,000, (US$2,705) started to plan for retirement as early as at the age of 34 on average, compared with the regional average of 39.

Yet, they had the lowest score of 59.2 on the index, compared with the average score of 71.6 for the eight countries surveyed, which included China, Indonesia, India and Malaysia. The index adopts a scale of 1 to 100, from least to most optimistic. Indians topped the list for being the most optimistic bunch.

• Singapore


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