BoC asked to look into Marcos jewelry collection

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The Commission on Audit (COA) has asked the Bureau of Customs-Ninoy Aquino International Airport (BoC-NAIA) to follow up with the Office of the Commissioner the updated inventory and appraisal report of the Roumeliotes Jewelry Collection confiscated from the Marcoses.

COA reiterated its observation and recommendation in its 2016 audit report on the BoC.

“Non-submission of Appraisal Report pertaining to the confiscated jewelries known as the Roumeliotes Jewelry Collection resulted in non-recording in the BOC’s books of accounts thereby understating the Confiscated property/assets account contrary to Section 63 of PD 1445,” COA said.

Presidential Decree (PD) 1445 is the State Audit Code.


“This is a reiteration of CY [Calendar Year] 2015 audit observation in BOC-NAIA, where part of the confiscated goods are the Roumeliotes Jewelry Collection composed of 60 pieces of jewelries which were sequestered from the Marcoses in 1986. These jewelries are deemed to be the most expensive among the collections. At present, these are being kept in a vault at the Bangko Sentral ng Pilipinas,” COA said.

According to the audit report, it was found upon verification that the appraisal report for the jewelries were not submitted from their confiscation until 2016.

“This Appraisal Report will be the basis in recognizing in BOC’s books of accounts the value of the Confiscated Property/Asset and Government Equity accounts,” COA said.

It added that upon inquiry with the Presidential Commission on Good Government, it was found that the same were also not recorded in PCGG’s books of accounts.

“The current appraised value is necessary for the recognition and measurement of the said collection in compliance with Section 63 of PD 1445. However, the collection was appraised and valued at $5.315 million and $3.846 million, its high and low estimates, respectively, way back in 1988,” COA said.

According to the audit report, an appraisal of the jewelry collection attended by BoC-NAIA officials was held in November 2015 at the BSP’s multi-purpose hall. Appraisers from Sotheby and Christie’s conducted examinations on separate dates, it said.

“Relative, thereto, we requested a copy of the updated Inventory and Appraisal Report through an Audit Observation Memorandum [AOM] yet no reply/report has been received from Management,” COA said.

The then-district collector referred the AOM to former BoC Commissioner Alberto Lina in a first endorsement dated April 21, 2016.

“At present, there is still no copy of updated inventory nor appraisal report pertaining to the said Jewelry Collection,” COA said in the 2016 audit report.

“The non-submission of Appraisal Report for Roumeliotes Jewelry Collection at appraised value on the date of establishment of ownership resulted to non recording in the books of accounts thereby understating the assets and equity accounts and consequently, exposed these assets to possible risk of loss,” it added.

COA thus reiterated its recommendation, and the BoC-NAIA agreed, to follow up with the Office of the Commissioner the jewelry collection’s updated inventory and appraisal report, as well as to submit it to the chief accountant as basis for recording the confiscated jewelry collection in the books of accounts.

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