According to Haydee Yorac, chairwoman of the Presidential Commission on Good Government (PCGG), the government is hoping to recover these assets, which also include Philippine Long Distance Telephone Co. and five Swiss bank accounts, within the next 12 months.
PHILIPPINES: Government expects SMC ownership to be settled by 2003
The Philippine government has said it expects to retake control of the giant food and drinks group, San Miguel Corp. (SMC) by 2003. A 47% stake in the group is among $5 billion in disputed assets believed to have been illegally appropriated by the former dictator, Ferdinand Marcos, and his associates.