Ferdinand Marcos Jr looks set to become president of the Philippines and many are looking to his family ties for signs of things to come.
The son of late former dictator Ferdinand Marcos Sr has said he should not be judged by his ancestors, but members of his family aren’t mere relics of the country’s political past.
Marco Jr’s mother, Imelda, re-entered Philippine public life after fleeing to exile when her husband was removed in 1986, despite an active court case against her and accusations of stealing billions from the state when she was first lady.
Here’s what you need to know about Imelda Marcos.
Who is Imelda Marcos?
Born Imelda Remedios Visitacion Romualdez in 1929 in Manila, the former beauty queen rose to prominence in 1965 when she became first lady of the Philippines alongside her husband, late president Ferdinand Marcos Sr. Now 92, Ms Marcos served in a variety of other roles during her husband’s autocratic three terms in charge of the country, including Minister of Human Settlements and governor of Metropolitan Manila.
The pair were married in May 1953, until Ferdinand Marcos Sr’s death in 1989. They had three children: Irene, Ferdinand Jr and Imee.
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.
After her return to the Philippines in 1991, Ms Marcos immediately set to rekindling her political network. Two failed bids for the presidency herself in 1992 and 1998 did not deter her from politics. In 1995, she was elected to the Philippines congress, serving four terms.
Why is she controversial?
The elder Marcos, Ms Marcos and associates are estimated to have stolen as much as $10 billion from state coffers during his 21-year rule.
Cash was stashed in foreign bank accounts or ploughed into art masterpieces, jewellery, thousands of shoes and property from Manila to New York.
The Supreme Court of the Philippines has ruled that Marcos and his family committed fraud on a huge scale and has ordered his surviving relatives to repay millions of dollars.
The couple legally earned $304,372.43 during their two decades in power, the court said, and described their assets and properties as “patently disproportionate” to their salaries as public officials.
Their fortune allegedly came from raiding the treasury, taking kickbacks on government contracts, seizing private companies and dipping into foreign loans.
The Marcos family was allowed to return to the Philippines in 1991 by president Corazon Aquino, whose husband’s assassination in 1983 helped to drive the People Power movement that eventually ousted Marcos Sr.
Allowing the family to return from exile after the senior Marcos died in 1989 in Hawaii was an act of “extraordinary generosity”, according to David Chaikin, a researcher at the University of Sydney.
“This was the beginning of the Marcos family clawing their way to power,” he said.
After other convictions for corruption were overturned, in 2018, Ms Marcos was found guilty of seven counts. She appealed against the conviction, meaning she cannot be arrested while the process is ongoing.
Corruption allegations
She has faced about 900 civil and criminal cases after her return, from embezzlement and corruption to tax evasion. Most were dismissed for lack of evidence, and the few convictions were overturned on appeal.
Ms Marcos was sentenced to a lengthy prison term in 2018 for funnelling about $200 million of embezzled funds through Swiss foundations decades ago.
She remains free on bail while the case is appealed.
Why is she known for her shoe collection?
Despite the government salaries the couple were on, Ms Marcos amassed a huge collection of art and other luxuries during her time at the top.
ABC Australia reported that during her time as first lady, local cobblers would provide her with 10 pairs of shoes a week. If she liked a pair, she would often order more, with matching handbags. She also travelled the world buying expensive foreign pairs.
Her name even became a kind of shorthand for people with large shoe collections because when she fled to Hawaii she left more than 1,000 pairs of shoes and 800 handbags in Malacanang Palace.
She later reportedly said protesters who stormed the palace were “looking for skeletons, but thank God, all they found were shoes, beautiful shoes”.
The exact number she owned, however, is disputed. Media reports have estimated at anywhere between 3,000 and 1,000.
“I did not have 3,000 pairs of shoes. I had 1,060,” she said in 1987.
Where are Imelda Marcos’ shoes now?
About 800 pairs of the designer shoes can now be viewed at the Marikina Shoe Museum in the north of the country. The collection features shoes of all shapes and sizes, from kitten heels to flat boots from local makers and designers like Christian Dior.
In a 2019 documentary on Ms Marcos’ return to public life, called The Kingmaker, she excused her extravagant dress. “When I became first lady, it became demanding for me. I have to dress up and make myself more beautiful,” she said.
“Because the poor always looks for a star.”
Additional reporting by Reuters and AFP
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
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