Marcos jewelry to be auctioned

THE BUREAU of Customs (BOC) and the Presidential Commission on Good Government (PCGG) have agreed to auction off the jewelry recovered from the family of the late dictator Ferdinand Marcos estimated to be worth between $5 million and $8 million (about P236 million and P377 million).

The BOC said it signed last Oct. 21 a memorandum of understanding with the PCGG to recover the ill-gotten wealth of Marcos and his family, under which they agreed to undertake a physical inventory, appraisal and auction of the Marcos jewelry collection.

A 1991 valuation estimated the Marcos Jewelry Collection, including the disputed Malacañang collection—under the custody of the President and still subject to appeal—to be worth between $5 million and $8 million.

The BOC said an interagency working group (IWG) will be formed to coordinate the inventory, appraisal and auction with the other government offices concerned.

The IWG will, aside from establishing the terms of reference, procure auction services in accordance with all relevant government procurement laws and regulations.

It will also supervise and coordinate with the winning bidder or auction house the actual holding of the auction for the jewelry collection.

The auction proceeds will be deposited without delay in the accounts of the National Treasury.

The PCGG has been tasked to retrieve, regain and recover all ill-gotten wealth, in whatever form the Marcoses and their associates accumulated them, while the BOC is the primary government agency tasked to stop, prevent and prosecute violations of the Tariff and Customs Code.