PCGG: Marcos Hawaii, Malacanang jewelry collection pegged at P340M

File/Noel Celis, AFP
Christie’s and Sotheby’s auction house appraiser David Warren examines diamond jewelry seized by the Philippine government from Imelda Marcos at the Central Bank headquarters in Manila on November 24, 2015. File/Noel Celis, AFP

MANILA — The Presidential Commission on Good Government (PCGG) has pegged the Hawaii Jewelry Collection and Malacanang Collection listed as “confiscated property/assets” of the Marcoses at P340,228 million.

In the Notes to Financial Statements of the 2022 Annual Audit Report by the Commission on Audit on the PCGG, it was noted that the Hawaii Jewelry Collection amounts to P137,500 million, based on the appraisal made in 1991 which was eventually adjusted in 2005 to reflect the increase in appraisal.

It was, however, also noted that there were higher appraisals by foreign auction houses: Christie’s amounted to P699,822 million, while Sotheby’s had an appraisal of P1,085 billion.

“The latest appraisal of said collections amounts to ₱892,509,675.64, which is ₱755,008,973.83 or 549 percent above the recorded amount,” the report said.

The report noted that the Hawaii Jewelry Collection was seized by the United States Customs Service and turned over to the Philippine Government through the US Hawaii District Court ruling in 1992 that the Republic of the Philippines is entitled to the possession and control of the said collection.

The Sandiganbayan 1st Division, in a resolution in 1996, mentioned that the jewelry was ceded by former First Lady Imelda R. Marcos to the Republic in exchange for the withdrawal of specific lawsuits against her.

The Malacanang Jewelry Collection, meanwhile, which was seized in the Palace after the February 25, 1986 revolution, was recorded in the books totaling P202.446 million.

The amount was based on the average of the appraised values ​​of Christie, Manson, and Woods Ltd in 2015 and Sotheby’s in 2016.

The Malacanang Jewelry Collection was transferred to the Central Bank in 1986.

The ownership of the collection was awarded to the Philippine government by virtue of a 2017 resolution of the Supreme Court 1st Division.

In the 2021 audit report on the PCGG, the 2020 balance of confiscated property or assets amounted to P1.03 billion.

RELATED VIDEOS:

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top