The Bureau of Customs (BOC) and the Presidential Commission on Good Government (PCGG) have agreed to auction the Marcos Jewelry Collection with price tag between USD5 to USD8 million. Under the Memorandum of Understanding (MOU), BOC and PCGG will conduct physical inventory, appraisal and auction of the ill gotten wealth of former President Ferdinand Marcos, his family and their associates.
An Inter-Agency Working Group (IWG) will also be constituted to coordinate the efforts and responsibilities of the two parties and other concerned government offices to carry out said objective. The IWG will supervise and coordinate with the winning bidder/auction house the actual holding of the auction for the Marcos Jewelry Collection.
BOC Commissioner Alberto Lina and PCGG Chairman Richard Amurao vowed to work together for a successful appraisal and block sale of the said collection to maximize proceeds. The proceeds will be deposited without delay to the respective accounts of the National Treasury.
The Marcos Jewelry Collection consists of Roumeliotes Collection and Hawaii Collection. The Roumeliotes Collection is a huge collection of valuable jewels intended to be illegally brought out of the country by Demetrious Roumeliotes, a foreigner and an alleged close associate of the Marcoses, seized by BOC March 1, 1986.
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