According to Gapud, “the trust accounts of Mr. Marcos were run on a very confidential basis, and except for me, no one in the bank knows to whom they belong or where the disbursements go or in whose favor they were made.”
The person who appears to know most of the sources of Ferdinand Marcos’ ill-gotten wealth is Rolando Gapud, known as the “financial executor” of the late dictator. According to his, Gapud is executive chairman of the board of Del Monte Pacific Ltd. Singapore and chairman of the board of Del Monte Foods Inc. San Francisco, US, positions he has held since 2015. I am not certain, however, if the information is current. He reportedly lives overseas and is now 80 years old.
Marcos’ trust accounts, which were opened in 1980, all began with numbers 77. His three savings accounts were opened later, in December 1985 and January 1986, and they began with numbers 27. The aggregate balances of the savings accounts were approximately P250 million. Gapud also said that “there was only one instance of…a legitimate earning of Mr. Marcos, namely, the retirement benefits… coming from the Government Service Insurance System, but this was a very small, insignificant amount – around P100,000 – or the equivalent of $5,000 which was given to him, through Security Bank, when he reached the age of 65 .”
“In one scheme, Gapud said he and Geronimo Velasco, Marcos’ former minister of energy, arranged to have the dollar profits from exports of the government-owned Philippine National Oil Company deposited into Marcos bank accounts in the United States. The oil company was reimbursed with the equivalent in Philippine pesos from the ″7700″ accounts at Security Bank and Trust Co.
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