Regarding The Funds, Moneys, Assets, And Properties Illegally Acquired Or Misappropriated By Former President Ferdinand Marcos, Mrs. Imelda Romualdez Marcos, Their Close Relatives, Subordinates, Business Associates, Dummies, Agents, Or Nominees.

Case Overview and Summary

Summary of Executive Order No. 2 (March 12, 1986)

Freezing of Assets and Properties Illegally Acquired by Former President Ferdinand Marcos, Imelda Romualdez Marcos, and Their Associates

- Freezes all assets and properties in the Philippines in which former President Ferdinand Marcos and/or his wife, Imelda Romualdez Marcos, their close relatives, subordinates, business associates, dummies, agents, or nominees have any interest or participation. (Section 1)
- Prohibits any person from transferring, conveying, encumbering, or otherwise depleting or concealing such assets and properties, or from assisting or taking part in their transfer, encumbrance, concealment, or dissipation, under pain of penalties prescribed by law. (Section 2)
- Requires all persons in the Philippines holding such assets or properties, whether located in the Philippines or abroad, in their names as nominees, agents, or trustees, to make full disclosure of the same to the Commission on Good Government within thirty (30) days from publication of this Executive Order, or the substance thereof, in at least two (2) newspapers of general circulation in the Philippines. (Section 3)
- Prohibits former President Ferdinand Marcos and/or his wife, Imelda Romualdez Marcos, their close relatives, subordinates, business associates, dummies, agents, or nominees from transferring, conveying, encumbering, concealing, or dissipating said assets or properties in the Philippines and abroad, pending the outcome of appropriate proceedings in the Philippines to determine whether any such assets or properties were acquired by them through or as a result of improper or illegal use of or the conversion of funds belonging to the Government of the Philippines or any of its branches, instrumentalities, enterprises, banks or financial institutions, or by taking undue advantage of their official position, authority, relationship, connection or influence to unjustly enrich themselves at the expense and to the grave damage and prejudice of the Filipino people and the Republic of the Philippines. (Section 4)
- Authorizes the Commission on Good Government to request and appeal to foreign governments wherein any such assets or properties may be found to freeze them and otherwise prevent their transfer, conveyance, encumbrance, concealment, or liquidation by former President Ferdinand E. Marcos and Mrs. Imelda Romualdez Marcos, their close relatives, subordinates, business associates, dummies, agents, or nominees, pending the outcome of appropriate proceedings in the Philippines to determine whether such assets or properties were acquired by such persons through improper or illegal use of funds belonging to the Government of the Philippines or any of its branches, instrumentalities, enterprises, banks, or financial institutions or by taking undue advantage of their office, authority, influence, connections or relationship. (Section 4)