Government to auction Marcos ill-gotten properties

The Presidential Commission on Good Government (PCGG) announced today that the Privatization Council, headed by the Department of Finance has recently approved the proposed sale via public bidding of seven properties worth P65.8 million, which form part of the ill-gotten wealth accumulated by former President Ferdinand E. Marcos, his cronies, and associates.

Christie’s auction house appraiser David Warren examines a diamond jewelry seized by the Philippine government from former first lady Imelda Marcos Photo by Noel Celis/AFP/Getty Images

The PCGG is also expected to ask the Privatization Council’s clearance to auction the Marcos jewelry. Based on the recent appraisal by Christie’s and Sotheby’s, the value of the jewelry collection has significantly increased. Among the massive jewelry collection of the Marcoses is a rare 25-carat pink diamond.

Public bidding of the said properties is expected to be held in March this year.

Since 2010, PCGG has successfully privatized close to P1 billion pesos of Marcos-related ill-gotten assets with the proceeds remitted to the Bureau of the Treasury.

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—From the Presidential Commission on Good Government