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[218]:168. [80], Marcos studied law at the University of the Philippines (UP) in Manila, attending the College of Law. [255][pageneeded] The failure of the recovery program was further augmented by civil unrest, rampant graft and corruption within the government, and Marcos's lack of credibility. The Philippine education system underwent two major periods of restructuring under the Marcos administration: first in 1972 as part of the ideology of the Bagong Lipunan (New Society) alongside the declaration of martial law; and second in 1981 when the Fourth Philippine Republic was established. Reagan personally wrote to Marcos informing him that he believed his innocence of the charges against him, but reminding him that the case was out of his hands. Marcos' son, Ferdinand Alexander Marcos, popularly known as Sandro, is also playing a role. The more popular properties among those in this empire are the multimillion-dollar New York real estate investments, California banks and Swiss bank accounts; lesser known ones are villas in Austria, London, and Rome,gold and diamond investments in South Africa, and banks and hotels in Israel. Ferdinand Marcos Jr, only son and namesake of the Philippines' late kleptocratic dictator, looks set to win the country's upcoming presidential election in May. [291] In his dying days, Marcos was visited by Vice President Salvador Laurel. Recognizes Aquino As President", "List of Marcos' Companions Released With PM-Philippines Bjt", "The End of an EraHandholding Ferdinand Marcos in Exile", "Marcos and Wife Enjoy The High Life in Hawaii", "The $10bn question: what happened to the Marcos millions? Happy family: From left to right are Pacifico E. Marcos, Josefa Edralin Marcos (matriarch), Elizabeth Marcos, Mariano Marcos y Rubio (patriarch), and Ferdinand E. Marcos. [263] The official election canvasser, the Commission on Elections (COMELEC), declared Marcos the winner. Having a total length of 2.16 kilometres (1.34mi), it is the longest bridge over a body of water in the Philippines. Mariano and Pio were cleared of the crime, but Ferdinand Marcos and Quirino Lizardo were arrested.[16]. This and other related reforms resulted in high profits for transnational corporations, but were generally harmful to small, peasant farmers who were often pushed into poverty. She elicited the help of key individuals such as Gliceria Tantoco, one of Imelda's closest friends and business associates, Antonio Floirendo, who was instrumental in Imelda's involvement in the lucrative sugar trading business in New York and the purchase of the Olympic Towers, Rolando Gapud, one of Marcos's financial advisers, Fe Roa Gimenez and Vilma H. Bautista, personal assistants of Imelda, and Joseph and Ralph Bernstein, who played key roles in helping the Marcoses purchase and conceal ownership of their Manhattan properties. "[370][371], His older sister, Imee, denies that human rights abuses occurred during her family's regime and called them political accusations. [citation needed], Marcos and his close Rolex 12 associates like Juan Ponce Enrile used their powers to settle scores against old rivals such as the Lopezes who were always opposed to the Marcos administration. "[372], The Philippine Supreme Court considers all Marcos assets beyond their legally declared earnings/salary to be ill-gotten wealth[373] and such wealth to have been forfeited in favor of the government or human rights victims. [449], Its goal was to promote Philippine rice self-sufficiency by raising the Philippines' average palay crop yield from 40 cavans per hectare to 99 cavans (4.4 tons)[450] per hectare. [75] Marcos had an affair with American actress Dovie Beams from 1968 to 1970. A floating casino was allowed to operate exclusively inside the Manila Bay. Mariano Marcos was a . [94], Controversies regarding Marcos's military service revolve around: the reason for his release from the Japanese POW camp;[93] his actions between release from prison in August 1942 and return to the USAFIP in December 1944;[93] his supposed rank upon discharge from USAFIP;[94] and his claims to being the recipient of numerous military decorations, most of which were proven to be fraudulent. According to reports in the Guardian and the Washington Post, they carried with them some essential belongings, including $7 million in cash and gems (some of which were transported in diaper. [406][pageneeded], The Marcoses invested a lot in the US East and West coasts, but there were also important investments in Texas and Washington state. Hirschfeld also recalled that the former president said that he was negotiating with several arms dealers to purchase up to $18 million worth of weapons, including tanks and heat-seeking missiles, and enough ammunition to "last an army three months". Marcos blamed the then-still-nascent Communist Party of the Philippines, and issued Proclamation No. Secondborn Bongbong Marcos become vice governor of Ilocos Norte from 1980 to 1983 and governor of that same province from 1983 to 1986. Avelino Barba's bodyguard allegedly shot and killed 17-year old Apolinario Buendia while Avelino Barba allegedly shot Buendia's parents during a fight over a girls volleyball match in Makati City in July 1978. Second Marcos president puts his 'faith in the Filipino', Cacique Democracy in the Philippines: Origins and Dreams, "Marcos son: Political dynasties 'natural', "Timeline of Marcos family's political comeback in Philippines", "Murder most foul: Marcos' youthful exuberance", "Bongbong Marcos hits nepotism in government", "Marcos's Mother, and Her Hospital Bill, Are Left Behind", "A sister of deposed Philippine President Ferdinand Marcos owns", "Fortuna Barba, youngest Marcos sibling, dies", "Last living sibling of former president Marcos dies", "Last Waltz at the Palace: The Untold Story of People Power", "Speculation Grows: Marcos May Stay at Luxurious Hawaii Estate", "Marcos Party Reaches Hawaii in Somber Mood", "Anti-Corruption Campaigner and General Lead in Early Philippine Returns", "Marcos camp's conspiracy claim laughable, Robredo spokesman says", "Marcos officially declared Philippines' next president", "Philippines Congress proclaims Marcos as next president", "UP faculty vows to fight historical revisionism", "EDSA People Power: Inadequate Challenge to Marcos Revisionism", "NHCP objects to Marcos burial at Libingan ng mga Bayani", "Ateneo releases statement on historical revisionism", "CHR Statement on the Burial of the Remains of Ferdinand E. Marcos at the Libingan ng Mga Bayani", "Revisiting Martial law horrors, PCGG launches caravan for youth", "Eyes Wide Open While Some Media Turn a Blind Eye to Marcos History", "Lack of reckoning fueling Martial Law revisionism: human rights chief", "Duterte harks back to bad old Marcos days in the Philippines, leaving investors on edge", "Martial Law films only a threat to those who want to hide past crimes Bantayog", "No 'Martial Law' babies: Imee, Bongbong held key posts under dad's rule", "Historian calls for 'nuanced' scholarly study of Marcos regime to fight false narratives", "Shoes, Jewels, and Monets: The Immense Ill-Gotten Wealth of Imelda Marcos", "The $10bn question: what happened to the Marcos millions? The family's political resurgence is led by Marcos's son, Ferdinand Marcos Jr., known as Bongbong, a popular senator who is tied for first place in the vice president's race for the May 9. ROTC armory, the rifle of team captain Teodoro M. Kalaw Jr. was missing at the time and the National Bureau of Investigation had evidence that it was the one used in the murder of Nalundasan. [406][pageneeded] Velasco, using either Decision Research Management, a shell company in Hong Kong, or through Velasco's nephew, Alfredo de Borja, purchased several expenses properties in California, including a mansion in Woodside for $1.5 million (price as of 1986), a condominium in Los Angeles for $675,000 (price as of June 3, 1982) and a luxury condominium in San Francisco for $400,000 (price as of 1984). He excelled in both curricular and extra-curricular activities, becoming a member of the university's swimming, boxing, and wrestling teams. [214], By 1969, however, Ferdinand Marcos started publicly asserting the need for the Philippines to establish a diplomatic relationship with the People's Republic of China. Between 1959 and 1965, he served in the Philippine Senate, where he became Senate President until he won the Philippine Presidential Election of 1965 to become the tenth president of the Philippines, staying in the position for 21 years despite the eight year (two four year terms) limitation set by the 1935 Constitution of the Philippines by placing the country under Martial Law in 1972. [281] Meanwhile, when protestors stormed Malacaang Palace shortly after their departure, it was famously discovered that Imelda had left behind over 2,700 pairs of shoes in her closet. [67] He was executed by Filipino guerillas in 1945 for being a Japanese propagandist and collaborator during World War II. [217], Because the Marcos administration's spending had relied so heavily on debt since Marcos's first term in the 60s, the Philippines was left vulnerable when the US economy went into recession in the third quarter of 1981, forcing the Reagan administration to increase interest rates. Student groups some moderate and some radical served as the driving force of the protests, which lasted until the end of the university semester in March 1970, and would come to be known as the "First Quarter Storm". Even though the formal document proclaiming martial law Proclamation No. "Not to hurt her no reason to hurt her to take her. Indeed, he had manipulated this American connection to sustain him during his two decades of power. In 1979, Marcos put a range of 11 heavy industrialization projects[471] on the Philippines' economic agenda. In another instance, when the issues of military bases heated up in the Philippines during 1969, Marcos secretly assured the US he had no desire for an American withdrawal. [6]:23 Mariano Marcos, his brother Pio, his son Ferdinand, and his brother-in-law Quirino Lizardo all became suspects. Economists have noted that poverty incidence grew from 41% in the 1960s at the time Marcos took the Presidency to 59% when he was removed from power. Other delegates would become influential political figures, including Hilario Davide Jr., Marcelo Fernan, Sotero Laurel, Aquilino Pimentel Jr., Teofisto Guingona Jr., Raul Roco, Edgardo Angara, Richard Gordon, Margarito Teves, and Federico Dela Plana. In unofficial election results announced on Tuesday, Ferdinand "Bongbong" Marcos Jr., . Read about our approach to external linking. In the last months of Marcos's administration, the Soviet Union had stepped up long lasting relations and was the only major country to officially congratulate Marcos on his disputed election victory. With Philippine . [citation needed], The Marcos regime instituted a youth organization, known as the Kabataang Barangay, which was led by Marcos's eldest daughter Imee. [107][108] The allegations in the expose became a major flashpoint which ignited the Moro insurgency in the Philippines. A day after his proclamation, Nalundasan mocked Marcos publicly, organizing a mock funeral parade that ended in front of the Marcos house to show that Mariano's political career was "dead". Allegations of mass cheating, political turmoil, and human rights abuses led to the People Power Revolution of February 1986, which removed him from power. [399] His two daughters, Imee Marcos Manotoc and Irene Marcos Araneta,[400] have been named, along with his grandsons Fernando Manotoc, Matthew Joseph Manotoc, Ferdinand Richard Manotoc, his son-in-law Gregorio Maria Araneta III,[401] including his estranged son-in-law Tommy Manotoc's relatives Ricardo Gabriel Manotoc and Teodoro Kalaw Manotoc. In an attempt to launch a national economic recovery program and despite his growing isolation from American businesses, Marcos negotiated with foreign creditors including the International Bank for Reconstruction and Development, World Bank, and the International Monetary Fund (IMF), for a restructuring of the country's foreign debts to give the Philippines more time to pay the loans. A number of books were published under Marcos's name during his term from 1970 to 1983, and a final book was published in 1990 posthumously. [31][34], President Corazon Aquino eventually allowed the members of the Marcos family to return to the Philippines after the death of Ferdinand Marcos, supposedly so that they could face various corruption charges. 1955), Ferdinand "Bongbong". [449], Many people who rose to power during Marcos's 21-years as president continued to remain in power or even ascended higher after his exile, thus leaving a further imprint on present-day Filipino affairs. One of the most important economic programs in the 1980s was the Kilusang Kabuhayan at Kaunlaran (Movement for Livelihood and Progress). . The pair were married in May 1953, until Ferdinand Marcos Sr's death in 1989. This was the result of intense demand created by a construction boom in Japan. He ruled under martial law from 1972 until 1981[13] and kept most of his martial law powers until he was deposed in 1986, branding his rule as "constitutional authoritarianism"[14][15]:414 under his Kilusang Bagong Lipunan (New Society Movement). [137][138] The "moderates", which included church groups, civil libertarians, and nationalist politicians, were those who wanted to create change through political reforms. Afraid, Marcos began to suggests threats again. [420] The old social and economic elite, all of whom relied on trade and agricultural and industrial exports to the United States such as the families of Enrile, Lopez, Cojuangco, and Aquino, sought a free-market economy. He eventually became the Liberal Party's spokesman on economic matters, and was made chairman of the House Neophytes Bloc which included future President Diosdado Macapagal, future Vice President Emmanuel Pelaez and future Manila Mayor Arsenio Lacson. [130] In a keynote speech at the University of the East, journalist Raissa Robles described how anyone could just be arrested (or abducted) with ease through pre-signed Arrest Search and Seizure Orders (ASSO),[332] which allowed the military or police to detain victims on trumped up charges or unclear allegations according to Rappler research. Cheating was reported on both sides. For example, before RICO, a person who instructed someone else to murder could be exempt from prosecution because they did not personally commit the crime. In 1978, Ferdinand Marcos became Prime Minister of the Philippines, marking the return of the position for the first time since the terms of Pedro Paterno and Jorge Vargas during the American occupation. The Marcos family was noton that list. [381], In 1990, Imelda Marcos, his widow, was acquitted of charges that she raided the Philippine's treasury and invested the money in the United States by a US jury. Marcos Jr.'s sister Imee Marcos is a senator, his mother Imelda, now 92, was a four-time congresswoman, and his son, Sandro, was elected as a congressional representative in 2022. The Philippine economy, heavily reliant on exports to the United States, suffered a great decline after the Aquino assassination in August 1983. As soon as its franchised expired, a new corporation took over management of Jai-Alai. Over three decades since a people's revolution toppled the elder Marcos, his son, 64-year-old Ferdinand "Bongbong" Marcos Jr., is within reach of the presidency, leading polls for the May . He served as a 3rd lieutenant during the mobilization in the summer and fall of 1941, continuing until April 1942, after which he was taken prisoner. [78][79] He is a Chinese mestizo descendant, just like many other presidents. [citation needed], According to Jovito Salonga, monopolies in several vital industries were created and placed under the control of Marcos cronies, such as the coconut industries (under Eduardo Cojuangco Jr. and Juan Ponce Enrile), the tobacco industry (under Lucio Tan), the banana industry (under Antonio Floirendo), the sugar industry (under Roberto Benedicto), and manufacturing (under Herminio Disini and Ricardo Silverio). [11], Although Article II Section 26 of the current Philippine constitution, promulgated after the Marcoses were ousted from the Philippines in 1986,[3] explicitly prohibits the perpetuation of political dynasties,[12][13] little legislation has since been put in place to enforce the provision. Garcia. [146]:"29"[195] He referred to this social engineering exercise as the bagong lipunan or "new society"[196]:13 and the Marcos administration produced a range propaganda materials including speeches, books, lectures, slogans, and numerous propaganda songs to promote it. This discontent, the resulting resurgence of the opposition in the 1984 Philippine parliamentary election, and the discovery of documents exposing his financial accounts and false war records led Marcos to call the snap election of 1986. In the US and Japan, presidents have been driven out of office for similar misconduct.[148]. A fortified bread known as nutribun, and the controversy surrounding it, has also reappeared. [96], Another controversy arose in 1947, when Marcos began signing communications with the rank of lieutenant colonel, instead of major. Beginnings of the Marcos dynasty (19251945), The Second Congressional District of Ilocos Norte, Ferdinand Marcos and the rise of the Marcos dynasty (19491986), Dovie Beams and the expansion of the Conjugal Dictatorship, The People Power Revolution, and the exile of the Marcoses (19861991), Political offices after returning to the Philippines, Historical distortion regarding Ferdinand Marcos Historical denialism, National Historical Commission of the Philippines, University of the Philippines Diliman Department of History, Center for Media Freedom and Responsibility, Presidential Commission on Good Government, List of political families in the Philippines, Implementation of Martial law under Ferdinand Marcos, Philippine Constitutional Convention of 1971, "What is wrong with political dynasties? [68][69][70] Josefa Marcos was a schoolteacher who would far outlive her husband dying in 1988, two years after the Marcos family left her in Malacaang Palace when they fled into exile after the 1986 People Power Revolution, and only one year before her son Ferdinand's death. [29], Documents uncovered by The Washington Post in 1986 suggested Marcos's release in August 1942 was effected because his father, former congressman and provincial governor Mariano Marcos, had "cooperated with the Japanese military authorities" as publicist. These groups were branded "radicals" by the media,[137][139] although the Marcos administration extended that term to "moderate" protest groups as well. The Marcos regime officially attributed the explosions to communist "urban guerillas",[185] and Marcos included them in the list of "inciting events" that served as rationalizations for his declaration of martial law. [288], Within two weeks of his arrival to the United States, the Marcos family and their cronies received hundred of criminal and civil cases filed in Hawaii, San Francisco, and New York. [407][pageneeded], Marcos, through different international banks, was able to launder money abroad. [434], As a result of the rushed construction, a scaffolding collapsed on a group of workers on November 17, 1981, two months before the deadline. [481] It stands in Morong, Bataan, atop Napot Point that overlooks the South China Sea. [137][138][139], Marcos responded to both groups with military force. In his 1969 State of the Nation Address, he said:[215] .mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 40px}.mw-parser-output .templatequote .templatequotecite{line-height:1.5em;text-align:left;padding-left:1.6em;margin-top:0}. On the morning of November 18, using Philippine Armed Forces helicopters, his family and their supporters flew his remains from Ilocos to Manila for a private burial. However, different stakeholders were kept silent. [282] The protesters who stormed Malacaang Palace would later loot it, many would steal documents, jewelries, food from the pantries, typewriters, and so on. Ferdinand Jr. became a Senator from 2010 to 2016, and ran for the post of Vice President during the 2016 Philippine presidential election, but narrowly lost to Vice President Leni Robredo. [106], Marcos's first term also saw the Philippine Senate's expose of the Jabidah massacre in March 1968, where a Muslim man named Jibin Arula testified that he had been the lone survivor of a group of Moro army recruits which had been executed en-masse on Corregidor island on March 18, 1968. Her collection of more than 3,000 pairs - found in the presidential palace after the family had fled - came to symbolise the family's extravagance. 2, which called for a Constitutional Convention to change the 1935 Constitution. He also assured him that they will have every opportunity to prove their innocence in the US justice system. He used the Unam Investment Corp., a shell corporation based in Netherlands Antilles and a corporation he is the president of, and purchased the Seattle real estate worth S9,178,215 on May 13, 1983. [281], Adjusted for inflation, this would be equivalent to about US$11.16 billion to US$22.3 billion or over 550 billion to 1.1 trillion Philippine pesos in 2017. [374], According to Presidential Commission on Good Government, the Marcos family and their cronies looted so much wealth from the Philippines that, to this day, investigators have difficulty determining precisely how many billions of dollars were stolen. [280], Other specifics about the things Marcos brought to Hawaii were also identified through the 23-page US Customs record. [251][pageneeded][252], According to World Bank Data, the Philippine's Annual Gross Domestic Product quadrupled from $8 billion in 1972 to $32.45 billion in 1980, for an inflation-adjusted average growth rate of 6% per year, while debt stood at US$17.2 billion by the end of 1980. [37][38] Marcos placed the Philippines under martial law on September 23, 1972,[39][40] shortly before the end of his second term. The Fifth Division's (of the Sandiganbayan) ruling read that "the fact that she is of advanced age and for health reasons, consistent with the doctrine in Enrile vs Sandiganbayan, bail is allowed for these seven cases. [124] This rapid campaign spending was so massive that it would be responsible for the balance of payments crisis of 1970, whose inflationary effect would cause social unrest leading all the way up to the proclamation of martial law in 1972. The lots were suspected of being purchased with money stolen from the Philippine treasury. The family fled to Hawaii in 1986 after her husband was ousted as millions of people took to the streets in the largely peaceful "People Power" uprising to force a return to democracy. The daughter, Imee Marcos, 62, and the rest of the Marcos family have been enjoying a revival of sorts under the presidency of President Rodrigo Duterte, a self-professed fan of Ferdinand Marcos . [33], The exiles stayed at Hickam Air Force Base at the expense of the US Government. The claims were filed by victims or their surviving relatives consequent on torture, execution, and disappearances. Popular speculation pointed to three suspects; the first was Marcos himself through his trusted military chief Fabian Ver; the second theory pointed to his wife Imelda who had her own burning ambition now that her ailing husband seemed to be getting weaker, and the third theory was that Danding Cojuangco planned the assassination because of his own political ambitions. We must prepare for that day. After their return from exile in the 1990s, Mr Marcos Jr used his family's wealth and connections to resurrect their political ambitions, becoming a provincial governor, congressman and later senator. When he fled to Hawaii by way of Guam,[275] he also brought with him 22 crates of cash valued at $717 million, 300 crates of assorted jewelry with undetermined value, $4 million worth of unset precious gems contained in Pampers diaper boxes, 65 Seiko and Cartier watches, a 12 by 4ft box crammed full of real pearls, a 3ft solid gold statue covered in diamonds and other precious stones, $200,000 in gold bullion and nearly $1 million in Philippine pesos, and deposit slips to banks in the US, Switzerland, and the Cayman Islands worth $124 million, which he all amassed during his dictatorship. This page was last edited on 24 February 2023, at 05:43. Pres. Marcos and his allies claimed that Benigno Aquino Jr. was part of the plot, which was denied by CPP-NPA founding chair Jose Maria Sison. [102], This began a pattern of loan-funded spending which the Marcos administration would continue until the Marcoses were deposed in 1986, resulting in economic instability still being felt today, and of debts that experts say the Philippines will have to keep paying well into 2025. [264] This electoral exercise was marred by widespread reports of violence and tampering of election results. Presidential elections were held on November 11, 1969, and Marcos was reelected for a second term. [162], Marcos surprised his critics by endorsing the move, but historians later noted that the resulting Constitutional Convention would lay the foundation for the legal justifications Marcos would use to extend his term past the two four-year terms allowable under the 1935 Constitution. Ferdinand Marcos's political prominence would pave the way for other members of the Marcos family to be appointed or elected to various national elections - what would eventually become known as the Marcos dynasty. The elections were held on February 7, 1986. To put this into context, only 14, 12, and 11 laws were passed in 2015, 2014 and 2013, respectively. Five more major protests took place in the Metro Manila area took place between then and March 17, 1970 what some media accounts would later brand the "7 deadly protests of the First Quarter Storm". In 1981, Vice President George H. W. Bush praised Marcos for his "adherence to democratic principles and to the democratic processes". [citation needed] US intelligence documents declassified in the 1990s contained further evidence implicating Marcos, provided by a CIA mole within the Philippine Army. [222][224], On June 16, 1981, six months after the lifting of martial law, the first presidential election in twelve years was held. Using Disini's close ties to Marcos, Westinghouse made a direct offer to Marcos and his cabinet to supply a plant with two 620 MW reactors at a base price of $500 million. The assassination, which happened despite a large government-appointed security detail, electrified the Philippines. Within two months, an entirely new draft of the constitution was created from scratch by a special committee. [480], The Bataan Nuclear Power Plant (BNPP) is one of the six nuclear power plants that the Marcos regime planned to build. The Marcos family's account claims that he was executed by the Japanese, but other eyewitness accounts say that he was caught by Philippine guerillas, tried as a Japanese collaborator, and executed through dismemberment using two carabaos.[18][19]. [259], In late 1985, in the face of escalating public discontent and under pressure from foreign allies, Marcos called a snap election with more than a year left in his term. Marcos dismissed speculations of his ailing health as he used to be an avid golfer and fitness buff who liked showing off his physique. Given a new life on TikTok, "Bagong Lipunan" embodies nostalgia. Ferdinand Marcos was inaugurated to his first term as the 10th president of the Philippines on December 30, 1965, after winning the Philippine presidential election of 1965 against the incumbent president, Diosdado Macapagal. [415] The commission is seeking to regain five buildings in New York worth an estimated $350 million that it asserts are secretly owned by the Marcoses. KILALANIN ANG MGA ANAK NG DATING PANGULONG FERDINAND MARCOSWalang taong hindi nakakakilala sa Dating pangulong Ferdinand Marcos kung ang pag-uusapan ay marti. [165] The 1973 constitutional plebiscite was called to ratify the new constitution, but the validity of the ratification was brought to question because Marcos replaced the method of voting through secret ballot with a system of viva voce voting by "citizen's assemblies". Ferdinand and Imelda Marcos were exiled to Hawaii in 1986 after a popular uprising backed by the military. The economic and political instability combined to produce the worst recession in Philippine history in 1984 and 1985, with the economy contracting by 7.3% for two successive years[226] and poverty incidence at 49% or almost half the Philippine population. All of the previous powers of the President from the 1935 Constitution were transferred to the newly restored office of Prime Minister. [141]:"43" partly because doing so was good for building up the AFP budget. 176,[203] preventing any educational institution to be established exclusively for foreigners or offer any curriculum exclusively for foreigners,[204] and restricted the teaching of the Chinese language to not more than 100 minutes a day.[205]. Biography writes that her father, Vicente Orestes Romuldez, was a lawyer and her mother, Remedios T. Romuldez, was a homemaker, but her mother died of pneumonia when Marcos was only 8-years-old. In March 1986, the Philippine government had identified an $800 million Swiss bank account held by Marcos, which at the time was the largest asset of Marcos and his wife, Imelda, yet made public. [406][pageneeded] The first three condominiums were purchased by Thetaventure Ltd., a Hong Kong-based shell corporation, for a total of $688,000 and was remodelled for $3.75 million. The most notable of these was the series of protests during the first three months of 1970 a period that has since come to be known as the First Quarter Storm. [133][134][135][136] His running mate, incumbent Vice President Fernando Lopez was also elected to a third full term as Vice President of the Philippines.