The 'gold' is believed to have been anything from gold bullion to religious statues. The theory is that the treasure from Asia was to finance Japan's war effort. The treasure had to be transported from the continent back to Japan, via the sea. Most of the stolen treasure from South East Asia was first shipped to the port of Singapore, where it was then relayed to the Philippines. From the Philippines, it was intended, the treasure would be shipped to the Japanese home islands.
However, as the Pacific War progressed, Allied submarines and aircraft took a heavy toll on Japan's shipping. The Japanese then took the treasure and hid it in caves and underground complexes throughout the Philippines, hoping to recover it after the war was over. However, many of those who knew of the locations of the loot were either executed or incarcerated for war crimes, including Yamashita. Thus, the whereabouts of the treasure were lost. Many years later, Filipino dictator Ferdinand Marcos claimed to have discovered the location of the treasure, and to have deposited it in secret bank accounts. These hoards are known collectively as the 'Marcos gold'. There is, however, a counter-allegation that Marcos invented the story, as a cover for his thefts from the Filipino national treasury.
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