The treasure is real. My father traced two caches - one in the city but everytime they tried to haul it out, the thick steel cable is cut mysteriously so he and his men decided to abandon it. The second is somewhere in Manila Bay stashed inside a Japanese one-man submersible. They discovered it was booby-trapped so they cannot retrieve it.
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Oh man, those stories would make for great movies. I wonder if it will ever be retrieved.