The anti-graft court has also ordered the PNB to make a full accounting of the fund, disclose the investments it had made using the funds, and identify the officers responsible for the investments.

The orders were contained in a two-page resolution drawn up by the Sandiganbayan's first division presided by Justice Francis Garchitorena.

Garchitorena yesterday said Civil Case No. 0141, the government's main forfeiture case against the Marcoses, specifically covered these Swiss funds.

Because of this, existing laws relating to the ill-gotten wealth, as well as judicial rules, cover any movement of the funds, Garchitorena said.

The Marcoses have asked the Sandiganbayan to dismiss the main forfeiture case and insisted that the 75-25 deal, forged in December 1993, be implemented instead.

But the Sandigan warned yesterday that any agreement made on the funds would have to be approved by the court.

It reminded the Philippine government that by itself or through the plaintiff, the Presidential Commission on Good Government (PCGG), its authority to deal with any of the 12 Marcos dummy foundations, where the Swiss funds had been previously deposited, was always ''subordinate'' to the Sandiganbayan.

The 12 foundations kept the money at Credit Suisse and Swiss Bank Corp.

Other directives

Garchitorena directed the PNB to make a report to the court within 15 days, on ''the date or dates that the funds or property for each of the separate (Marcos) foundations were received by the PNB and the values received in cash and in other forms of property.''

Three of the five directives to the PNB sought information on how it had invested the escrow funds.

If the investments were made by a committee or board, the names of the persons or offices that have supervision and authority over the funds should also be disclosed by the bank.

Garchitorena also asked the bank to disclose the total value of the escrow funds as of Jan. 31, 1999.

The Sandiganbayan ordered PNB officials to report the ''present placements'' or the investments made with the escrow funds, and the date of the original and subsequent investment and reinvestment (rollovers) of the separate escrow funds. This will include the terms and conditions of the investments, and the returns or proceeds from them.

The bank would also have to state the policies, guidelines or purposes of the investments or placements of the funds to the Sandiganbayan.

Stricter rules

Garchitorena also laid down stricter rules for any future investment of the funds. He said every change in investment or placement of the escrow funds--or any portion of it--should be reported to the court ''within 10 days after the same has been effected.''

The Sandiganbayan also ordered the PNB to make a quarterly report on the status of the escrow account of each of the 12 foundations, as well as its value--specifically within 15 days after every calendar quarter.

The 12 foundations were identified as Aguamina Foundation, Gladiator Establishment, Rosaly's Foundation, Arelma Foundation, Avertina Foundation, Vibur Foundation, Maler Establishment, Maler Foundation, Mabari Establishment, Caesar Foundation, Palmy Foundation, and Pretorian Foundation.

The resolution, signed by Garchitorena and First Division Associate Justices Catalino Casta¤eda and Gregory Ong, was the result of the closed-door proceedings held by the anti-graft court on Feb. 10, 1999.

The court said only with its approval could the government exercise its authority over the funds, as specified under section 2 of the escrow agreement.

''These funds are and shall be under the exclusive control of the Sandiganbayan except as the Supreme Court shall at any time otherwise declare,'' Garchitorena said.

He explained that since the funds of the escrow agreements have already been released by the Swiss judicial authorities, the funds could be the subject of Philippine judicial proceedings on ill-gotten wealth.

In a 16-page compliance earlier submitted to the Supreme Court, Solicitor General Ricardo Galvez claimed that the Sandiganbayan's jurisdiction over the Marcos funds was even stated in the decisions of the Swiss Federal Supreme Court dated Dec. 10 and 19, 1997 and Jan. 27, 1998.

Great mystery

It is not immediately clear why the Sandigan is only now asserting control over the funds which had been transferred to the PNB escrow account even before the presidential election last year.

''That's the great mystery,'' Jose Grapilon, president of the Integrated Bar of the Philippines, told the Inquirer. ''The funds should have been monitored and audited from the start.''

By Donna S. Cueto