MANILA, Philippines - The jewelry collection of former first lady Imelda Marcos will be revalued this year, the Presidential Commission on Good Government (PCGG) said yesterday.
In a statement, the PCGG confirmed that it has signed a memorandum of understanding with the Bureau of Customs (BOC) to cooperate on the conduct of an appraisal and eventual auction of the confiscated ill-gotten jewelry of the Marcoses.
“Internationally known and acknowledged appraisers have been invited to appraise the collection, which PCGG and BOC expect to happen within the year,” the agency said.
The PCGG said the collection includes jewelry that were confiscated by US customs upon the arrival of the Marcoses in Hawaii in 1986, as well as those confiscated from Demetrious Roumeliotes, a close associate of the family.
Another set of jewelry, known as the Malacañang Collection, was declared ill-gotten by the Sandiganbayan in 2014.
Appraisal conducted in 2003 for one collection and in the 1990s for the others said the value of the jewelry set ranges from $5 million to $8 million.
Last year, then PCGG chief and now Commission on Elections chairman Andres Bautista said this value is expected to significantly increase.
The collections are currently stored in a vault at the Bangko Sentral ng Pilipinas.
The PCGG earlier said they plan to exhibit the jewelry, but problems were encountered in looking for a secure venue where these could be safely displayed.