Philippine President Duterte allows auction of seized Marcos jewellery worth millions

The jewellery collections have been stored in the central bank's vaults for three decades.
The jewellery collections have been stored in the central bank's vaults for three decades.PHOTO: PHILIPPINE DAILY INQUIRER/ASIA NEWS NETWORK

MANILA (BLOOMBERG) - A rare 25-carat diamond and gem-studded tiaras are among the millions of dollars' worth of seized Marcos jewellery that are set to be auctioned off by the Philippine government.

President Rodrigo Duterte has given his go signal for the auction of three jewellery sets recovered from the family and associates of the the late dictator Ferdinand Marcos, executive secretary Salvador Medialdea said on Tuesday (June 4).

The jewellery collections - estimated to be worth US$19 million (S$26 million) when they were last appraised in 2015 - have been stored in the central bank's vaults for three decades.

"The Office of the President interposes no objections to the proposed activities relative to the disposal of the Marcos jewellery collection, subject to the compliance with existing laws," Mr Medialdea said in a statement.

The auction was proposed to Mr Duterte eight months ago by the commission chasing Marcos's stolen wealth, estimated to total up to US$10 billion.

Anyone, including the Marcoses, can bid for the jewellery sets, presidential spokesman Salvador Panelo said on Monday.

Mr Duterte has said that Marcos' daughter Imee helped fund his campaign, and that he is willing to resign should the late dictator's son, Bongbong, win an election protest and become his vice-president.

 

The Philippine leader has also allowed a hero's burial for Marcos.