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Philippines to auction Marcos jewelry collection

Xinhua, November 10, 2015 Adjust font size:

The Philippine government will auction the huge collection of valuable pieces of jewelry confiscated from the family of late President Ferdinand Marcos in 1986, the Bureau of Customs (BOC) said Tuesday.

The BOC, which forged a Memorandum of Understanding (MOU) with the Presidential Commission on Good Government (PCGG), said they are committed to undertake successful physical inventory, appraisal and auction of the Marcos Jewelry Collection, which has an estimated value of 5 to 8 million U.S. dollars, including the contested Malacanang Collection, according to a valuation made in 1991.

The Marcos Jewelry Collection is composed of Roumeliotes Collection and Hawaii Collection, which the BOC holds in trust for the Republic of the Philippines.

The Roumeliotes Collection was seized from Demetrious Roumeliotes, an American citizen and an alleged close associate of the family of late President Ferdinand Marcos, in March 1986, while the Hawaii Collection was confiscated from the Marcos family when they were exiled to Hawaii.

Customs said an Inter-Agency Working Group (IWG) will be constituted to coordinate the efforts and responsibilities of the BOC, the PCGG and other concerned government offices to carry out the objective of auctioning the jewelry collection.

Proceeds from the auction would immediately be remitted to the National Treasury, it added. Endit