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.
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
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.
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.
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