The Marcoses of the Philippines are a useful example of a - TopicsExpress

The Marcoses of the Philippines are a useful example of a political couple that failed the net worth test. A financial analysis based on the Marcoss income tax returns for the financial years 1966 to 1985 reveal the following: Ferdinand Marcos was barred by law from practising his law profession during his entire 20 years as President, he claimed that his legal fees represented receivables from prior years. When Ferdinand and Imelda Marcos became the First Couple in 1965, their net worth was only Pesos (P) 120,000, i.e. US$7,000. When they were thrown out of the Philippines in 1986, their estimated assets amounted to more than $5 billion. Indeed, the Swiss accounts of the Marcoses, which were frozen in 1986, amounted to approximately US$357 million, such a sum far exceeding the Marcoses legitimate increase in net worth.

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