PCGG yet to update President Marcos jewelry valuation

MANILA, Philippines — The Presidential Commission on Good Government (PCGG) has yet to update its valuation of one of the Marcos family’s jewelry collections despite the more recent appraisal figures from two world leading auction houses, a report from the Commission on Audit (COA) showed.

In its financial statement submitted to COA, the PCGG listed in its books a total of P340,228,086.38 in “confiscated property/assets” as of Dec. 31, 2023.

Based on the PCGG’s statement, its “confiscated property/assets” account is composed of the Hawaii Jewelry Collection valued at P137.5 million, the Malacañang Jewelry Collection valued at P202.446 million and several confiscated firearms with total appraised value of P281,132.59.

Both the Hawaii and Malacañang jewelry collections were previously owned by former first lady Imelda Marcos, mother of President Marcos.

It was in 2021, when the PCGG started declaring in its book a total value of P340.228 million for the two jewelry collections and the confiscated firearms, a drop of 67 percent from the P1.03 billion total value declared in its book in 2019 and 2020.

The PCGG in its 2021 financial statement explained that “significant decrease in the Confiscated Property/Assets account was due to the adjustments in recording of the latest appraised value of Hawaii Jewelry Collection amounting to P892,509,675.64,” which the PCGG said, “was entered twice in the books.”

However, a closer reading of the financial statement both in 2021 and 2023 would show that the decline in valuation was mainly because the PCGG opted to list the Hawaii Jewelry Collection at only P137,500,701.81 using an appraisal made in 1991 instead of the more recent appraisal reports from world leading auction houses, Christie’s and Sotheby’s.

Based on Christie’s and Sotheby’s appraisals, the Hawaii Jewelry Collection’s average total value stood at P892.510 million, higher by 549 percent or P755 million than what the PCGG recorded in its books.

COA records showed that Christie’s, in its Dec. 15, 2015 appraisal report, valued the Hawaii Collection between $10.922 million to $18.664 million or an average of $14.793 million or P699.822 million based on the prevailing exchange rate at the time which was $1: P47.305.

Christie’s examined 406 pieces from the Hawaii Collection.

Meanwhile, Sotheby’s, in its Jan. 13, 2016 appraisal report, valued the Hawaii Collection between $17.24 million to $28.621 million or an average of $22.93 million with a peso equivalent of P1.085 billion, based on the prevailing exchange rate of $1: P47.325.

Sotheby’s examined 376 pieces from the Hawaii Collection.

Both jewelry collections were previously identified by the PCGG as part of the Marcos family’s ill-gotten wealth.