Christie's International, led by Mr. David Warren, appraised the ill-gotten Hawaii Jewelry Collection
Christie’s International, led by Mr. David Warren, appraised the ill-gotten Hawaii Jewelry Collection

The Presidential Commission on Good Government (PCGG), the government agency tasked to recover and reconvey to the Filipino people all ill-gotten wealth accumulated by former President Ferdinand E. Marcos, his immediate family, relatives, subordinates and close associates, and the Bureau of Customs (BOC) pursuant to their Memorandum of Understanding are currently conducting an appraisal of the confiscated jewelry collection from the Marcos family.

The world’s largest fine arts auction houses, Christie’s and Sotheby’s are in Manila to appraise the three (3) sets of jewels which are stored at the Bangko Sentral ng Pilipinas (BSP).

The Marcos Jewelry Collection is composed of three (3) separate collections seized from the Marcoses upon fleeing the Philippines. The Malacañang collection, abandoned when the Marcoses fled the Palace, presently under the custody of the Office of the President; the Hawaii collection, seized by the US Bureau of Customs upon the Marcoses’ arrival in Hawaii in 1986 under the PCGG’s custody; and the Roumeliotes collection that Demetriou Roumeliotes believed to have links to Mrs. Marcos attempted to smuggle out of the country after the Marcoses’ ouster, confiscated by the BOC. An assessment made in 1988 and 1991 valued all three collections then at $5 to $7 million US dollars.

PCGG Chairman Richard Amurao believes that the appraisal is a significant step to finally assess the collection and determine its current value. This will significantly open the way for determining a final resolution on the said assets, including the possible auction of the same.

He further added, approvals will need to be secured from the government’s Privatization Council and the Department of Finance (DOF) in so far as the collection in the PCGG’s custody is concerned.

The appraisal is also in keeping with the PCGG’s commitment for its 30th anniversary to be an open and transparent agency.