Christie’s auction house appraiser David Warren examines a diamond jewelry, which the Philippine government seized from former first lady Imelda Marcos. (Photo by Noel Celis/AFP/Getty Images via gov.ph)
Today, the Presidential Commission on Good Governance (PCGG) announced that the Privatization Council, headed by the Department of Finance has approved the sale through public bidding of seven properties that are part of the accumulated ill-gotten wealth of former President Ferdinand Marcos, his cronies, and associates.
The properties are approximately worth PhP 65.8 million.
Moreover, the PCGG is expected to get the permission of the Privatization Council to auction Marcos jewelry. According to the recent appraisal by Christie’s and Sotheby’s, the worth of the jewelry collection has increased significantly. Included in the collection is a rare 25-carat pink diamond.
According to gov.ph, the public auction will be held in March.
Since 2010, the PCGG has successfully privated around PhP 1 billion of Marcos ill-gotten properties.
The proceeds will be remitted to the Bureau of the Treasury.
For more info about this, read it here.
After remitting to the Bureau of the Treasury, how will the money be used?