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.
LATEST STORIES
Japan makes inaugural deployment of coastguard vessel to Australia
The Japan Coast Guard (JCG) will for the first time deploy a vessel to Australia, as part of efforts to strengthen counter-piracy measures in Southeast Asia. The vessel, the 3,300-tonne Souya-class … [Read More...]
Navy admiral’s visit reaffirms strong US-PH alliance
MANILA -- The visit of US Chief-of-Navy Operations, Admiral John Richardson, to the Armed Forces of the Philippines (AFP) headquarters in Camp Aguinaldo, Quezon City gave both the Philippines and the … [Read More...]
ADAS 2018 OBSERVATIONS AND HIGHLIGHTS
I was able to attend the 2018 Asian Defense and Security (ADAS) at the World Trade Center (WTC) in Manila recently, and every time the event is held (every two years) it always seem to get bigger and … [Read More...]
US reiterates offer to sell F-16 jets to PH: Lorenzana
MANILA -- The US government reiterated its offer to supply the Philippines with the Lockheed Martin F-16. The offer took place during Department of National Defense (DND) Secretary Delfin … [Read More...]
Philippine Air Force’s New C-130 SABIR Kit Includes an ELTA Radar
The kit incorporates, among other systems, an electro-optical imager and a variant of ELTA Systems' EL/M-2022 synthetic aperture radar The 300th Air Intelligence and Security Wing (AISW) of the … [Read More...]
PHL, China to hold joint military exercises in Zhanjiang
The Philippines will hold joint military exercises with China during the Association of Southeast Asian Nations (Asean)-China military exercise to be held in Zhanjiang, China on October 22 to 29, the … [Read More...]
Join the Conversation