The Presidential Commission on Good Government (PCGG) on Tuesday said it has recovered an additional P261 million in cash dividends from the Philippine Telecommunication Investment Corporation (PTIC) which has been declared as part of the ill-gotten of the late former President Ferdinand Marcos and his family.
In a statement, the PCGG said the Bank of Commerce recently turned over some P261,657,047.48 million which represents cash dividends accruing to the 111,415 PTIC shares of stock registered in the name of Prime Holdings, Inc (PHI).
The Supreme Court (SC), in a ruling dated January 20, said the PTIC shares are part of the Marcoses' ill-gotten wealth which rightfully belongs to the government.
The newly-recovered funds raised to P1.555 billion the total amount of cash dividends the Commission has transmitted to the National Treasury since 2008 pertaining to the PTIC shares.
The recovered cash, pursuant to the mandate of the Comprehensive Agrarian Reform Law or CARL, has been earmarked as additional funding for the implementation of the Comprehensive Agrarian Reform Program (CARP).
The PCGG claimed that as of December 31, 2008, the Commission has remitted to the national treasury a total P84.18 billion to fund CARP.
The Bank of Commerce, earlier, also turned over to PCGG some P103 million dividends accruing from the same shares of stock. - PNA
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