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Report Marcos Diversion of Millions From Bank

March 30, 1986

SAN FRANCISCO (AP) _ Nearly $10 million taken from the New York branch of the Philippine National Bank was used by the family of former Philippine President Ferdinand Marcos, the San Francisco Examiner reported Sunday.

The money included $1.08 million for two parties held by Marcos’ wife, Imelda, at New York’s Waldorf Towers, $4.9 million to the private account of Marcos’ secretary, and $60,000 for other bills at the Waldorf and Biltmore hotels, the newspaper said.

A letter to Marcos from Placido Mapa, president of the government-owned bank, established that the Marcoses were using the bank branch to transfer money from the government to themselves, the Examiner said.

The government of Philippine President Corazon Aquino contends that Marcos stole billions of dollars from his country before he fled to the United States in February.

After New York state and U.S. banking officials inquired about the whereabouts of $9.8 million of bank funds, Mapa asked Marcos to charge the withdrawals temporarily to Marcos’ own office, the Examiner said.

Mapa wrote that the withdrawals would later be covered by bank profits ″when income or profit position of PNB could afford it,″ the Examiner said.

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