Coop behind promise of 'Marcos wealth' at UPLB faces probe

Ron Gagalac, ABS-CBN News

Posted at Sep 25 2017 03:58 PM

A huge crowd gathers at the University of the Philippines- Los Baños (UPLB) campus on Saturday, claiming that they were promised to receive a portion of late dictator Ferdinand Marcos' money. Photo courtesy of Lynette Carpio

MANILA - A government body has issued a cease and desist order against One Social Family Credit Cooperative on Monday for allegedly scamming thousands of people to buy booklets in exchange for a piece of the Marcos wealth. 

Thousands of people from neighboring provinces and Metro Manila gathered at the University of the Philippines Los Baños Baker Field Saturday after the cooperative promised them P10,000 a month for the next 4 years, which will be sourced out from the wealth of the late dictator Ferdinand Marcos.

Each person who wanted a piece of the Marcos billions had to buy a booklet that discusses "The Life and Achievements of Ferdinand E. Marcos." Priced at P30 each, the booklet's cover shows the face of Marcos while the back page bore the words "Bullion Buyer LTD."

Orlando Ravanera, chairman of the Cooperative Development Authority (CDA), said they issued a cease and desist order against the cooperative, which has a registered office in Trece Martires, Cavite, as they conduct an investigation. 

"Kung talagang mapatunayan na nagkasala, we will recommend for imprisonment of these people after doing due process. Never shall they use cooperative as instrument for their criminal activities," he said.

Speaking to ABS-CBN, a man who introduced himself as the OSFCC chairman but declined to give his name said the funds were from the "immortal legacy of President Marcos" as well as "treasures buried here by Japanese imperial forces" that the late strongman "was able to acquire."

But former Senator Ferdinand "Bongbong" Marcos Jr., the son and namesake of the late dictator, denied that the family had anything to do with the gathering. He called the cash promise a scam.

"Paulit-ulit ko na pong binalaan ang publiko na huwag magpapadala sa mga ganitong klase ng panloloko na ang intensyon lamang ay para sa kanilang personal na interes. Ang pagtitipon sa UPLB ay isa na namang ehemplo ng ganyang panloloko," he said.