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The Philippine National Treasury consisted of over 51 metric tons of gold, 32 metric tons of silver bullion, 140 tons  of silver coins, and $27-million in U.S. Treasury notes, plus an undisclosed amount in bonds, precious gems, and Treasury certificates.

The gold alone was worth $40-million at the time. National City Bank held private deposits of two metric tons of gold, along with gems, currency and precious metals in safe deposit boxes. It took four days to move all this from Manila to Corregidor using Navy tugboats and small pleasure yachts. The job was completed on December 27, 1941.

Sterling and Peggy Seagrave



Edward Michaud


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This account is derived from an earlier published version of a Mrs. "Woody" Willoughby, whose husband was stationed in Manila, Philippine Islands, at the time of the outbreak of the war with Japan. Mr. Willoughby was an accountant and member of the US Army’s Intelligence division known as G-2, and reported directly to General MacArthur’s staff and conducted liaison duties with the Vice President and Chief Justice of the Philippine Islands. Mrs. Willoughby assisted her husband to inventory a portion of the private holdings of the Philippine National Treasury. 

This account is but just one version of many surrounding the Philippine National Treasury, all of which, when reviewed in entirety, assist in completing the puzzle associated with the safeguarding of the Philippine Central Bank securities.

The transcript is quoted verbatim from the actual text with no editing or changes in any form.

The font used in this article, P22 TYPEWRITER is available free from FREEFONT


By Edward Michaud

Copyright is claimed by Edward Michaud as Author and Corregidor Historic Society as Publisher to prevent any reproduction of any portions of the article without the full text of a disclaimer protecting Corregidor from idiots with treasure maps and grand ideas.  We used to think that anyone smart enough to access the internet wasn't dumb enough to believe in legends of Corregidor Gold, but we were wrong.