Date
29 March 2017
The jewelry collection includes a 25-carat, barrel-shaped diamond worth at least US$5 million. Photo: Reuters
The jewelry collection includes a 25-carat, barrel-shaped diamond worth at least US$5 million. Photo: Reuters

Philippines to sell Marcos jewelry valued at US$21 mln

The Philippines will auction the jewelry collection of late dictator Ferdinand Marcos’ widow Imelda estimated to be worth at least 1 billion pesos (US$21 million), officials said.

The hoard, seized when the Marcoses fled to Hawaii in 1986 following a popular revolt, includes a 25-carat, barrel-shaped diamond worth at least US$5 million and a Cartier diamond tiara earlier valued at US$30,000 to US$50,000, the Associated Press reported.

The government expects the auction, along with public exhibit of the collection, to be held before President Benigno Aquino III ends his term in June, according to an official of the Presidential Commission on Good Government (PCGG), an agency tasked to recover the Marcoses’ ill-gotten wealth.

“The jewelry confiscated from the Marcoses remain a singular manifestation of the misguided priorities of the Marcos presidency during his reign,” PCGG chairman Richard Amurao was quoted as saying.

Marcos’ son, Ferdinand Jr., is running for vice president in the general elections scheduled for May.

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RA/CG

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