Jacinto Family Corporations
Letter of Instructions No. 39, issued on November 9, 1972, directs the Secretary of National Defense to take custody of the assets belonging to Mr. Fernando Jacinto and his family, due to their refusal to return to the Philippines and settle debts amounting to approximately P400 million. This includes assets from companies like Ferro Products, Jacinto Steel, and the Asia Leader press. The letter highlights concerns over fraudulent asset transfers intended to evade creditors and instructs immediate action to secure these properties. A report detailing the seized assets is to be submitted for further governmental review.
November 9, 1972
LETTER OF INSTRUCTIONS NO. 39
TO : The Secretary of National Defense
In view of the fact that Mr. Fernando Jacinto and his sons have refused to come back to the Philippines notwithstanding our repeated requests to settle their obligations to the Government which may amount to about P400 million, it is now necessary to protect the interest of the Government by taking over custody and possession of all assets of the Jacinto family as well as of all corporations in which they have interest or control. ATICcS
Some of these assets are: 1) Ferro Products; 2) Jacinto Steel; and 3) the Asia Leader press (the old Manila Chronicle printing plant). Some assets were illegally transferred, in an apparently fraudulent attempt to avoid creditors, to the Camara Steel from either Jacinto Steel or Ferro Products. Machinery from the IISMI factory compound in Iligan City are illegally stored at the CSC compound beside the Floro Cement in Iligan City.
You are hereby directed to immediately take over custody and possession of all assets of the Jacinto family and of corporations in which they have interest or control, and to submit a report listing all such property for accounting and study by the proper offices, agencies or organizations in the Government.