Lawmaker seeks special account for Marcos money

Batanes Rep. Florencio Abad filed a resolution yesterday calling on the Bureau of Treasury to establish a special account for the $683 million Marcos Swiss deposits, which were ordered transferred to the Philippine government.

Abad said there is a need to preclude any possibility that such funds will be diverted for purposes other than which they are intended, especially in light of the huge budget deficit hounding the government.

"It is important to keep the $683 million intact in favor of its intended beneficiaries — the agrarian reform communities and human rights victims — as well as to ensure transparency in the use of the funds," Abad said.

He noted that in the past, funds earmarked for the Armed Forces Modernization Program and the Agricultural Competitiveness Enhancement Fund were utilized for other purposes after the funds were put in the Treasury and lumped with the government’s General Fund.

President Arroyo, however, on Wednesday said that the Bureau of Treasury will establish a trust fund to hold the proceeds of the Marcos wealth. The money would later be transferred to the General Fund when it is already programmed for use.

Under the law, proceeds from the Marcos wealth will be used to fund the Comprehensive Agrarian Reform Program. But Akbayan Rep. Loretta Ann Rosales on Thursday asked Malacañang to hold off the allocation of money until Congress passes a measure seeking to compensate human rights victims. — With Teddy Molina