Overseas landholdings of the Marcos family explained

The overseas landholdings of the Marcos family, which the Philippine government[1] [2] and the United Nations System's Stolen Asset Recovery Initiative[3] consider part of the $5 billion to $13 billion "ill-gotten wealth" of Ferdinand and Imelda Marcos, are said to be distributed worldwide in places including California, Washington, New York, Rome, Vienna, Australia, Antilles, the Netherlands, Hong Kong, Switzerland and Singapore.[4] These are aside from the fifty-or-so Marcos mansions acquired by the Marcos family within the Philippines itself.[5]

The best known[4] [6] of these properties are the Marcoses' multi-million dollar real estate investments in the United States,[7] particularly Imelda's purchases of buildings and real estate in New York,[8] the estates purchased in New Jersey for the use of the Marcos children,[9] Jose Yao Campos's investments in Seattle,[10] various properties in Hawaii including the Makiki Heights estate where they lived during their exile,[11] and their ownership of the California Overseas Bank in Los Angeles.[4] [12] According to Ricardo Manapat's book Some Are Smarter Than Others, which was one of the earliest to document details of the Marcos wealth,[13] lesser-known properties include gold and diamond investments in South Africa, banks and hotels in Israel, and various landholdings in Austria, London, and Rome.[4]

Many of these properties are said to have been acquired under the name of several Marcos cronies. One of them, Jose Yao Campos, cooperated with the Philippine government and made an immunity deal, revealing how he fronted Marcos's investments both locally and abroad via numerous interlocking shell corporations.[14]

Overseas landholdings as "ill-gotten wealth"

The Philippine Supreme Court considers these landholdings as part of the ill-gotten wealth of the Marcos family, based on the definitions set forth in Republic Act 1379, which had been passed in 1955.[15]

The Supreme Court's interpretation of R.A. 1379 says that property acquired by a public officer or employee which is "manifestly out of proportion to his salary as such public officer and to his other lawful income" is "presumed prima facie to have been unlawfully acquired."[15] The bulk of the assets of the Marcoses, including the Marcos jewels, were treated as "ill gotten" in a 2012 decision which specified that "according to the Official Report of the Minister of Budget, the total salaries of former President Marcos as President from 1966 to 1976 was ₱60,000 a year and from 1977 to 1985, ₱100,000 a year; while that of the former First Lady, Imelda R. Marcos, as Minister of Human Settlements from June 1976 to February 22–25, 1986, was ₱75,000 a year"[15] – about $304,372.[16] The PCGG in its reports would state that the lawful tax declared income of the Marcos couple only amounted from 1960 to 1984 would only amount to PhP 8,148,289.42.[17]

Properties in the United States

Manhattan properties

The most prominent of the Marcoses' properties outside of the Philippines were four skyscrapers in Manhattan: Crown Building at 730 Fifth Avenue; the Herald Center at the intersection of Broadway, Sixth Avenue and 34th Street; 40 Wall Street, which has since been renamed the Trump building; and 200 Madison Avenue in Midtown South Central.[18]

Crown Building

See main article: Crown Building (Manhattan). In 1981, the Marcoses acquired the Crown Building at 730 Fifth Avenue,[19] purchasing it through Lasutra Corp. N.V. for $51 million, reportedly with help from Ralph and Joseph Bernstein as well as Adnan Khashoggi.[19]

The building became the focus of various lawsuits after Marcos was deposed, with numerous parties including the Philippine government, laying claim to it saying the Marcoses had bought it with money that did not actually belong to them.[19] The claimants eventually agreed to sell the building, and divided the proceeds after the building's $89 million mortgage had been paid.[20]

In 1986, The Washington Post reported that in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco, the Crown Building was referred to using the secret code-word "Farragamo."[21]

Herald Center

In July 1982 it was announced that "a small group of foreign investors operating as Voloby Ltd., a British Virgin Islands company" had bought the site of the Korvettes building at Herald Square for about $25 million, with the intent of turning it into a shopping center by 1983.[22] These investors were later revealed to have been the Marcoses.[23]

According to The Washington Post, the Herald Center was referred to using the secret code-word "Midtown Cement" in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco.

After several delays, Herald Center eventually opened in 1985,[24] but suffered low sales because of its association with the Marcoses, who had been ousted from power in 1986 and soon faced numerous court cases.[24]

40 Wall Street

See main article: 40 Wall Street. In 1982, the Marcoses also purchased 40 Wall Street, a large historic building in New York's Financial District bought for $71 million through NYLand (CF8) Ltd., a shell corporation based in the Netherlands Antilles.[25]

The building's ownership changed hands a few times after the Marcoses were removed from power in 1986, but the lease was transferred to Donald Trump in December 1995, and the building was renamed the "Trump Building".[26] [27]

In 1986, The Washington Post noted that in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco, the 40 Wall Street building was referred to using the secret code-word "Bridgetown."

200 Madison

The Marcoses also purchased 200 Madison Avenue, an office building acquired for $50 million.

In 1986, The Washington Post reported that in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco, 200 Madison was referred to using the secret code-word "Lafayette."

Manhattan condominiums

Olympic Tower

Aside from the four skyscrapers they purchased in Manhattan, the Marcoses also purchased five condominiums at Olympic Tower on 5th Avenue.[28] According to Manapat's investigation, the first three condominiums were purchased by Thetaventure Ltd., a Hong Kong-based shell corporation, for a total of $688,000. They were then remodelled for $3.75 million. The fourth and fifth condominiums were later bought for $270,000 and $1.1 million respectively.

13-15 East 66th

The Townhouse at 13-15 East 66th, New York City,[28] was different from the other Marcos properties in Manhattan, because it was purchased by the Philippine Consulate and the Philippine National Bank instead of a shell corporation. The building was noted for having housed a big part of Imelda Marcos's art collection, and for the fact that its sixth floor was converted into a private disco for the Marcoses' guests.

Lindenmire Estate in Long Island

In 1981, the Marcoses also purchased the Lindenmere Estate, an 8.2-acre resort property with a 14-bedroom manse in Center Moriches, Suffolk County, Long Island.[29] It was estimated to be worth between $19 million to $20 million after renovations were done. The restorations was paid for by Vilma Bautista, Imelda's personal assistant, and Luna 7 Development Corp., a corporation registered in New York.

Properties in New Jersey

See also: Bongbong Marcos. In New Jersey while she was still studying, Imee Marcos, President Ferdinand Marcos's eldest daughter, was given an 18th-century estate to live in. The estate was purchased on October 26, 1982, and includes a mansion and 13 acres of land.[30] The Marcos family is said to have spent approximately $3 to $5 million in furnishings and improvements.

President Marcos's only son, Bongbong, was given a house in Cherry Hill, New Jersey, purchased for $119,000, while he was studying in the Wharton Business School of the University of Pennsylvania. Another property in the area was bought on November 23, 1978, for $90,000, for the servants and security that were serving his son.[9]

Properties in Texas

When he cooperated with the Philippine government after the Marcoses were deposed in 1986, Jose Yao Campos indicated that he had purchased $51 million worth of land in Texas on behalf of the Marcoses throughout the late 1970s and early 1980s. This included 5,000 acres of prime land in Tarrant, Denton, Harris and Bexar counties, as well as land and buildings in and around Corpus Christi.[31]

Properties in Seattle

Jose Yao Campos also revealed that on May 13, 1983, that he and some other close Marcos associates had purchased a whole city block in Seattle, at the price of $9,178,215.[32] [33]

A shell corporation based in Netherlands Antilles and headed by Campos, named Unam Investment Corp., was used in the transaction. The properties included 600 Pike Street, 614 Pike Street, 1506 Sixth Avenue, 1520 Sixth Avenue, 151 Seventh Avenue, 1521 Seventh Avenue and 1575 Seventh Avenue.

Property in Hawaii

Antonio Floirendo, another Marcos crony who turned over Marcos properties to the Presidential Commission on Good Government (PCGG) as part of a 1980s immunity deal, turned over a $1.35 million estate in Makiki Heights in Hawaii as part of his compromise agreement.[34]

Property in California

As part of his compromise agreement with the PCGG, Floirendo also surrendered a $2.5 million Marcos property in Beverly Hills.[35]

Properties in Europe

Various reports also state that the Marcoses owned properties in Europe. A 1985 U.S. Senate Intelligence Committee report stated that the Marcoses owned a mansion in London, said to be worth $18 million; as well as an estate, worth $20 million, in Rome.[36] A New York Post report recounts that Imelda provided 12-year-old Bongbong with a house in London and another in a country village, when he went to study in England in 1970.[37]

Locations

Properties directly connected to the Marcoses

PropertyLocationCountryProperty ValuePersonalities/OrganizationDate AcquiredCoordinates
Crown Building, 730 5th AvenueNew York City, New YorkUSAUS$93.6 millionImelda Marcos, Gliceria Tantoco, Joseph Bernstein, Ralph Bernstein, Lasutra N.V. (Netherlands Antilles)[38] [39] September 198140.7629°N -73.9746°W
Herald Center, 1293 Broadway AvenueNew York City, New YorkUSAUS$90 millionImelda Marcos, Gliceria Tantoco, Fe Roa Gimenez, Vilma Bautista, Voloby Ltd.[40] [41] [42] February 198240.7498°N -73.9883°W
40 Wall StreetNew York City, New YorkUSAUS$71 millionImelda Marcos, Jose Yao Campos, Rolando Gapud, NYLand (CF8) Ltd. (Netherlands Antilles)[43] [44] 20 December 1983
200 Madison AvenueNew York City, New YorkUSAUS$50 millionImelda Marcos, Gliceria Tantoco, Fe Roa Gimenez, Vilma Bautista, Glockhurst Corp. N.V. (Curaçao)[45] [46] 22 November 1983
Three adjacent condominium units at 43rd Floor, Olympic Tower, 641 and 645 Fifth AvenueNew York City, New YorkUSAUS$688,000Imelda Marcos, Antonio Floirendo, Vilma Bautista, Thetaventure Ltd. (Hong Kong)[47] [48] 198140.7594°N -73.9763°W
3850 Princeton PikePrinceton, New JerseyUSAUS$1 millionImee Marcos, Faylin Ltd. Corp. (British Virgin Islands), William Deyo, Bernstein, Carter & Deyo, Tristan Beplat[49] 26 October 198240.3036°N -74.6984°W
19 Pendleton DriveCherry Hill, New JerseyUSAUS$119,000Bongbong Marcos, Tristan Beplat[50]
4 Capshire DriveCherry Hill, New JerseyUSAUS$90,000Bongbong Marcos, Julian Antolin Jr., Irvin P. Ver[51] 23 November 1978
231 Dodds LanePrinceton, New JerseyUSAImee Marcos, Tristan Beplat, Samuel Lambert III
One condominium unit at Olympic Tower, 641 and 645 Fifth AvenueNew York City, New YorkUSAFerdinand Marcos, Antonio Floirendo, Rodolfo del Rosario, Sugarbush Corp. N.V. (Netherlands Antilles)[52] 40.7594°N -73.9763°W
Lindenmere Estate, 16 Sedgemere RoadCenter Moriches, New YorkUSAUS$20 millionImelda Marcos, Augusto Camacho, Vilma Bautista, Luna 7 Development Corp.[53] [54] [55] 198140.7855°N -72.7943°W
Townhouse on 13-15 East 66th StreetNew York City, New YorkUSAUS$5,950,000Imelda Marcos, Vilma Bautista, Luna 7 Development Corp., Thetaventure Ltd. (Hong Kong)[56] [57]
Webster Hotel, West 45th StreetNew York City, New YorkUSAUS$1,577,000Imelda Marcos, Romeo GatanJune 1980

Properties connected with Marcos relatives & cronies

PropertyLocationCountryProperty ValuePersonalities/OrganizationDate AcquiredCoordinates
23411 Arminta StreetLos Angeles, CaliforniaUSAUS$218,900Tolosa Resources[58] 198334.2135°N -118.6371°W
3778 Callan BoulevardSouth San Francisco, CaliforniaUSAUS$120,000Eduardo V. Romualdez Jr., Buena T. Romualdez13 December 1984
1580 Forest Villa LaneMcLean, VirginiaUSAUS$500,000Antonio Romualdez1985
2940 Privet DriveHillsborough, CaliforniaUSAUS$1,000,000Margarita Romualdez-Licaros[59]
Units 70 and 77, Grove Condominiums, 2790 19th AvenueSan Francisco, CaliforniaUSAUS$1,000,000Margarita Romualdez-Licaros
One condominium unit at 1970 Scott StreetSan Francisco, CaliforniaUSAUS$200,000Margarita Romualdez-LicarosJuly 1978
281 Lake DriveSan Bruno, CaliforniaUSAUS$200,000Margarita Romualdez-LicarosJuly 1983
Pera Drive corner Plano CourtRancho Murieta, CaliforniaUSAUS$197,000Armando Romualdez, Vilma Romualdez1 June 1982
511 North Oxford AvenueLos Angeles, CaliforniaUSAFortuna Marcos-Barba
2352 South Lynn CourtWest Covina, CaliforniaUSAFortuna Marcos-Barba5 October 1981
1115 Lakeview DriveHillsborough, CaliforniaUSARicardo Silverio, Astroair Services[60] 5 October 1981
Apartment H, 29th Floor, Olympic Tower, 641 and 645 Fifth AvenueNew York City, New YorkUSAUS$270,000Antonio Floirendo, United MotorsSeptember 197640.7594°N -73.9763°W
Unit 1602, Ten Miller PlaceSan Francisco, CaliforniaUSAMariano "Nonong" Marcos II[61] 18 November 198037.7933°N -122.409°W
4 lots in Brocktails Vacation VillageWillits, CaliforniaUSAUS$66,014 (1985)Roman Cruz[62] 1985
Unit 602, 840 Powell StreetSan Francisco, CaliforniaUSA$650,000 (1984)Roman Cruz, Middlesborough N.V. (Netherlands Antilles)9 June 1979
Units 52–57, Cypress Point Condominium ComplexDaly City, CaliforniaUSAUS$900,000Roman Cruz, Philippine Airlines10 April 1980

See also

Notes and References

  1. An Introduction to the Conclusion: 100 Day Report and Plan of Action, 1 October 2010 - 8 January 2011 . The Stolen Asset Recovery Initiative (StAR) Corruption Cases Database . World Bank Group and the United Nations Office of Drugs and Crime . October 2010 . August 4, 2020 . July 22, 2014 . https://web.archive.org/web/20140722172913/https://star.worldbank.org/corruption-cases/sites/corruption-cases/files/Marcos_US_PCGG_-100-day-report-and-plan-of-action1.pdf . dead .
  2. Book: Through the Years, PCGG at 30: Recovering Integrity –A Milestone Report. Republic of the Philippines Presidential Commission on Good Government . 2016 . Manila.
  3. News: September 17, 2007 . World Bank, UN plan looks to return stolen loot . en . Reuters.Com . June 6, 2020.
  4. Book: Manapat, Ricardo . Some are smarter than others : the history of Marcos' crony capitalism . 1991 . Aletheia Publications . 978-9719128700 . 28428684.
  5. News: Marcos mansions rotting . Dumlao . Artemio . January 28, 2012 . The Philippine Star . May 4, 2018.
  6. News: Viray . Patricia Lourdes . 31 Years of Amnesia: Money trail - The Marcos billions . . 2021-10-15 . https://web.archive.org/web/20170627021736/http://newslab.philstar.com/31-years-of-amnesia/never-convicted . 2017-06-27.
  7. Book: Aquino, Belinda A. . The transnational dynamics of the Marcos Plunder . 1999 . University of the Philippines, National College of Public Administration and Governance . 978-9718567197 . 760665486.
  8. News: 2018-11-17 . How the law finally caught up with Imelda Marcos . en . South China Morning Post . 2021-10-15 . https://web.archive.org/web/20181117124314/https://www.scmp.com/week-asia/society/article/2173729/how-law-caught-philippines-imelda-marcos-and-her-stolen-millions . 2018-11-17.
  9. News: Imelda Marcos rises again in the Philippines — through her son Bongbong . Linge . Mary Kay . November 9, 2019 . New York Post . November 10, 2019 . en.
  10. News: Lardner . George Jr. . 1986-03-23 . Marcos Confidant Can't Be Found . en-US . The Washington Post . 2021-10-15 . 0190-8286.
  11. News: 1986-02-28 . Speculation Grows: Marcos May Stay at Luxurious Hawaii Estate . en-US . 2021-10-15.
  12. News: 1990-04-22 . Marcos Crony Agrees to Surrender L.A. Bank : Philippines: In return, the U.S. will drop charges. Prosecutors say firm was created to launder money. . en-US . 2021-10-15.
  13. Web site: 2020-07-27 . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 2021-10-15 . Ateneo de Manila University Press . en.
  14. News: The Philippines: Anatomy of a Looting . Russakoff . Dale . March 30, 1986 . The Washington Post.
  15. IMELDA ROMUALDEZ-MARCOS, vs. REPUBLIC OF THE PHILIPPINES . G.R. No. 189505 . Supreme Court of the Philippines . April 25, 2012. http://sc.judiciary.gov.ph:80/jurisprudence/2012/april2012/189434.htm . https://web.archive.org/web/20190310044813/http://sc.judiciary.gov.ph:80/jurisprudence/2012/april2012/189434.htm . 2019-03-10 .
  16. News: Buan . Lian . SC affirms forfeiture of Imelda Marcos' 3rd jewelry set . en . July 26, 2020 . https://web.archive.org/web/20200726092222/https://rappler.com/nation/supreme-court-forfeiture-imelda-marcos-jewelry-malacanang-collection . July 26, 2020 . live.
  17. Web site: PCGG Accomplishment Report 2019 . PCGG . PCGG . 8 June 2021.
  18. News: New York real estate agent says Marcos owns four buildings . en . 2021-10-15.
  19. News: Hylton. Richard. Philippines Gains Little In Marcos Building Sale. November 24, 2015 . . February 10, 1991.
  20. News: Hylton . Richard D. . 1991-02-10 . Philippines Gains Little In Marcos Building Sale . en-US . The New York Times . 2021-10-15 . 0362-4331.
  21. News: Russakoff . Dale . 1986-03-30 . The Philippines: Anatomy of a Looting . en-US . The Washington Post . 2021-10-15 . 0190-8286.
  22. News: Herald Sq. Korvettes Store to be Mall. The New York Times. July 15, 1982. Barmash. Isadore.
  23. News: $50M makeover on tap for Herald Center . Cuozzo . Steve . March 12, 2013 . November 10, 2019 . en.
  24. News: McCain . Mark . COMMERCIAL PROPERTY: Herald Center; Revitalizing the Mall That Marcos's Millions Built . May 2, 2021 . The New York Times . December 25, 1988.
  25. Oser, Alan S. "Perspectives: 40 Wall Street; Asian Buyer Accepts a Leasing Challenge", The New York Times, June 20, 1993.
  26. News: 40 Wall Street Is Sold to Trump . December 7, 1995. The New York Times . November 7, 2017. en-US. 0362-4331.
  27. Web site: Meet the obscure German magnates who actually own Trump's most valuable building . January 6, 2017 . The Real Deal.
  28. News: Claims Over Marcos Family Treasures Head to NY Trial . Klasfeld . Adam . March 30, 2018 . Courthouse News . November 10, 2019 . live . https://web.archive.org/web/20180330231053/https://www.courthousenews.com/claims-over-marcos-family-treasures-head-to-ny-trial/ . March 30, 2018 . en-US.
  29. Web site: Inside a dictator's lavish Long Island manse. August 2017.
  30. News: Marcos mansion in New Jersey sold . April 21, 1987 . November 10, 2019 . en.
  31. News: Reinhold . Robert . Claim on Marcos is Filed in Texas . May 2, 2021 . The New York Times . March 21, 1986.
  32. News: The Marcos Empire: Gold, Oil, Land and Cash . Gerth . Jeff . March 16, 1986 . The New York Times . November 10, 2019 . en-US . 0362-4331.
  33. News: Marcos Confidant Can't Be Found . Lardner . George Jr . March 23, 1986 . The Washington Post . November 11, 2019 . en-US . 0190-8286.
  34. News: The 'Simple' $4.5 Million Marcos House . Hays . Constance L. . May 23, 2018 . The New York Times. August 1, 1988. en.
  35. Book: Salonga, Jovito R. . Presidential Plunder: The Quest for the Marcos Ill-Gotten Wealth. 2000 . U.P. Center for Leadership, Citizenship and Democracy . 9718567283. [Quezon City]. 44927743.
  36. Web site: The Marcos money empire | Maclean's | December 16, 1985.
  37. Web site: Imelda Marcos rises again in the Philippines — through her son Bongbong. November 9, 2019.
  38. News: Hylton . Richard D. . Philippines Gains Little In Marcos Building Sale . 5 June 2021 . The New York Times . 1 February 1992.
  39. News: Gerth . Jeff . The Marcos Empire: Gold, Oil, Land, and Cash . 5 June 2021 . The New York Times . 16 March 1986.
  40. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 510.
  41. News: Barmash . Isadore . Herald Sq. Korvette Store to be Mall . 5 June 2021 . The New York Times . 15 July 1982.
  42. News: Omang . Joanne . Goshko . John M. . Imelda Marcos Held Meetings on New York Properties, Panel Told . 5 June 2021 . The Washington Post . 24 January 1986.
  43. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 517.
  44. News: Marcos Skyscraper on Wall Street Auctioned for a Paltry $77 Million : Real Estate: New York City building secretly bought by Ferdinand and Imelda Marcos sold for just above the minimum asking price. . 5 June 2021 . Los Angeles Times . Reuters . 13 November 1989.
  45. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 513.
  46. News: Grant . Peter . Manhattan Midtown South Office Towers Attract Big Investment . 5 June 2021 . The Wall Street Journal . 7 February 2016.
  47. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 502.
  48. News: A posh seven-bedroom Fifth Avenue condominium once owned by... . 5 June 2021 . UPI . UPI . 25 February 1989 . en.
  49. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 499.
  50. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 500.
  51. Web site: Remembering the Past: Chronology of the Marcos Plunder . www.cenpeg.org . 5 June 2021.
  52. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 502–503.
  53. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 505.
  54. News: Pastor . Cristina DC . Marcoses' former estate in Long Island up for auction . 5 June 2021 . INQUIRER.net USA . 10 September 2018 . en.
  55. Web site: Kussin . Zachary . Inside A Dictator's Lavish Long Island Manse . www.mansionglobal.com . 5 June 2021.
  56. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 507.
  57. News: Klasfeld . Adam . Claims Over Marcos Family Treasures Head to NY Trial . 5 June 2021 . Courthouse News Service . 30 March 2018.
  58. Book: Manapat . Ricardo . Some are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 482.
  59. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 483.
  60. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 484.
  61. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 411.
  62. Book: Manapat . Ricardo . Some Are Smarter Than Others: The History of Marcos' Crony Capitalism . 1991 . Aletheia Publications . New York . 971-91287-0-4 . 368–376.