Appraisal of Marcos jewelry still pegged at 80’s estimates –  COA

The Commission on Audit (COA) has called out the Bureau of Customs (BOC) for its non-submission of appraisal reports on the multi-million dollar Roumeliotes Jewelry Collection of former First Lady Imelda Marcos.

In its 2016 audit report, state auditors said the 60 pieces of jewelry sequestered from the Marcos family remain in their 1988 estimates pegged at $5.315 million and $3.846 million in high and low estimates, respectively, due to the BOC's non-compliance.

"Verification disclosed that the Appraisal Report for the confiscated jewelries are not submitted from the time that these jewelries were confiscated until Dec. 31, 2016," the COA report said.

Three jewelry sets were sequestered from the Marcos family following the ouster of the late dictator Ferdinand Marcos; the Hawaiian, Malacañang, and the Roumeliotes collection.

The Roumeliotes collection, deemed as the most expensive, got its name when Customs officials found the jewelries in the baggage of a certain Demetriou Roumeliotes who was bound for Hong Kong. It is now under the custody of the Bangko Sentral ng Pilipinas.

The COA report said the non-submission of the appraisal report resulted in the understatement of the "assets and equity accounts and consequently, exposed these assets to possible risk of loss."

Missing funds from ill-gotten wealth

Meanwhile, the COA report also flagged the Bureau of Treasury (BTr) for the missing P42.28 million worth of assets seized from the alleged ill-gotten wealth of the Marcos family.

The amount was 10 percent of the P422.83 million the Presidential Commission on Good Government remitted to the national treasury in June 2012.

Under the 2012 General Appropriations Act, the PCGG is allowed to use the P42.28 million for the "payment of lawful claims, which includes recovery expenses, selling expenses, custodianship and other related costs attributable to the sold or administered assets."

During its audit, the report said the BTr argued that the amount was transferred to a Treasury Single Account of the government's general fund.

However, state auditors found no evidence which supports the BTr's claim. "No documents or other evidence of transfer can be provided to support the transfer of funds to the TSA, thus, existence of the fund cannot be established."

They said the BTr has yet to submit documents proving the existence of the funds to the COA Audit Team when the report was transmitted to the BTr-National Government. — RSJ, GMA News