Reacting to the court order, Estrada denied acquiring properties illegally during his 31-month stay at Malacañang.
"Let me put on record that I have not bought a single property since I became president," he said in a one-page statement to the press. "My conscience is perfectly clear on this matter."
The anti-graft court also froze the assets of Jose Velarde, a name prosecutors say Estrada used as an alias to hide millions of pesos in bribes, court spokesman Renato Bucal said.
The "writ of preliminary attachment" issued by the Sandiganbayan also froze two mansions owned by Estrada’s associates and co-defendants, Yolanda Ricaforte and suspected illegal gambling kingpin Charlie "Atong" Ang.
Among the assets were bank deposits totaling over P201 million under the Erap Muslim Youth Foundation, a charity prosecutors say Estrada used as a front to hide the ill-gotten wealth.
Bucal said the order "is in the process of being implemented now by the court sheriff."
"The order is issued to secure the satisfaction of any judgment which might be issued against the accused," he said.
If Estrada is found not guilty, the order will be lifted. But if he is found guilty, "most likely the property will be auctioned to satisfy whatever monetary judgment" the court will hand down, Bucal said.
The court order, issued late Friday but delivered to the defendants and prosecutors yesterday, was in response to a motion filed by the prosecution panel on Aug. 16, 2001 asking to freeze the assets of Estrada and his co-accused.
"If the Ombudsman, Solicitor General and private prosecutors can present evidence that I personally acquired properties when I became President, then they can have those properties forfeited in favor of the government," Estrada said.
He also appealed to the media’s "sense of fairness to air my side and not to take the prosecution’s accusations hook, line and sinker."
"I believe that the issue on the supposed mansions is being played up again to divert media attention from the disastrous performance of confessed jueteng lord Luis ‘Chavit’ Singson during the ongoing cross-examination," Estrada said, referring to his estranged drinking buddy who blew the whistle on him in October 2000.
"I hope and pray that media will continue its role as watchdog and purveyors of truth," Estrada said.
Prosecutors accuse Estrada of setting up a protection racket for illegal gambling bosses and using the proceeds to acquire mansions for himself and his string of mistresses.
Defense attorney Raymund Fortun said Estrada asked him for a meeting yesterday to find out which assets were covered by the order.
"He just asked me which properties are covered and I told him that that’s not very clear yet," Fortun added.
He said the order did not specify the Estrada properties to be frozen. He said the accused’s family home is normally exempt from freeze orders.
Because of Estrada’s claim that all his properties were legally acquired, Fortun said: "It would be interesting, therefore, to find out what properties will be attached by the court on the alleged ground that these are ill-gotten wealth."
He added that Estrada had also denied owning the funds in a bank account under Ricaforte and the Erap Muslim Youth Foundation.
"As it were, the freezing of these amounts will not affect him. In any case, President Estrada is confident that any properties seized will be returned to their rightful owners," he said. "To begin with, these accusations are without merit and also in view of the inept handling by the prosecutors of the case against them."
Acting Ombudsman Margarito Gervacio said the freeze order would ensure that Estrada and his co-accused would not benefit from the loot.
"This is a concrete step toward securing complete justice for our people, and a demonstration that in this country, even the most powerful people, crime literally does not pay," Gervacio said.
A watchdog group that filed the original complaint against Estrada, PlunderWatch, welcomed the court order but said it may be too late.
"Nevertheless, we wonder what remains of the accounts and real properties to be attached considering it has been a year since the plunder case was filed. The accused had all this time to conceal or otherwise dispose of their ill-gotten wealth," the group said.
PlunderWatch criticized Gervacio’s former boss, Aniano Desierto, who recently ended his seven-year term, for allegedly dragging his feet when the complaint against Estrada was filed in late 2000.
They found the four-month delay "highly suspicious," pointing out that Desierto took a few days to act on a similar charge against a Bureau of Internal Revenue official.
"The only way that the demands of justice can be met is when the ill-gotten wealth amassed by Estrada and his co-accused will be actually recovered by the plaintiff, the people of the Philippines," the group said.
Estrada was forced to step down in January 2001 following military-backed people power II revolt over his alleged corruption after his impeachment trial at the Senate ended abruptly.
He is being held without bail for the capital charge of plunder. He also faces two charges of perjury and illegal use of an alias to hide secret bank accounts.
The former actor, who still remains hugely popular among the masses, has steadfastly denied any wrongdoing and maintains he was illegally ousted from the presidency.
He refused to enter pleas during separate arraignments on the charges. The Sandiganbayan entered innocent pleas on his behalf.
Plunder or massive corruption is a crime theoretically punishable by death. Officials have said Estrada, if convicted, would likely be spared. — With wire reports