Ferdinand Marcos, Jr., the son of a former Philippines dictator, is the front runner in the country's upcoming presidential election, sparking concern that searches for the family's illegally-amassed wealth could be as much as $10 billion.
Marcos Jr., also known as Bongbong, is on track to win the May 9 presidential election. Bongbong was three points ahead of his closest competitor, Leni Robredo, despite being the son of a dictator and a first lady who stole billions from the Filipino people.
The Marcos earned their wealth by swindling government funds and financial aid. They flaunted their wealth and lived a lavish lifestyle, investing in four Manhattan properties worth more than $300 million at the time. Picasso, Van Gogh, and Michelangelo are just a few of the masterpieces they owned.
The family's assets are thought to be between $5 billion and $10 billion.
Marcos was a violent ruler who imposed martial law in 1972. Over nine years, tens of thousands of Filipinos were tortured and killed, according to a human rights group.
The family fled the country when Marcos was re-elected in February 1986 after millions took to the streets to protest against his corruption and brutality. According to The Los Angeles Times, the Marcoses lived in exile in Hawaii and brought with them stacks of gold, gems, jewelry, and multiple boxes of cash. At the time, the seized assets were worth $7 million.
The Marcos family has access to most of its stolen fortune as the family ignored court orders and appealed against rulings to hand over their assets, according to a review of court filings, government documents, and legal depositions by Bongbong.
According to the Presidential Commission on Good Government, they only managed to recover $5 billion of the Marcoses' wealth. They are still trying to recover more than $2 billion from the family.
Bongbong began to build his family's image again in 1991, after the Marcos family returned from exile. He was a senator from 2010 to 2016 He ran for vice president but lost. He announced his bid for president in 2021.
Some watchdog groups are concerned that the hunt for Marcos's wealth will end if he becomes president.
Ruben Carranza, a former PCGG commissioner, told reporters on May 3 that a Bongbong win could put a wrench in the 36-year battle to retrieve the family's wealth. Carranza said that Bongbong will protect whatever ill-gotten wealth the family has kept.
Bongbong and his siblings have refused to pay a $3.9 billion tax bill with penalties for years. The mother of Bongbong was found guilty of seven corruption charges for funneling an estimated $200 million through Switzerland. The 92-year-old is out on bail while she appeals her conviction. The notorious shopping habit of the Marcoses is that of amassing more than 3000 pairs of shoes.
Many Filipinos see Bongbong as different from Marcos's history of corruption.
Many Filipinos like him despite what his parents did. We believe that he will not make the same mistakes as his parents, and that he will do his best for his people, according to a woman who asked to be identified by her first name.
Half of the treasures have already been taken away. Lucita said that previous presidents were also corrupted.
The results of the voting for the next president of the Philippines will be announced on May 9.
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