PRESIDENT Rodrigo Duterte approved the auction of P704.8 million worth of jewelry seized from the Marcoses, Malacanang said on Thursday.

The Presidential Commission for Good Governance, or PCGG, made the request to the Office of the President and that the President decided on Wednesday night.

"The President said that he wants the people to benefit from the jewelry. So, I asked him, are you going to give your go signal to sell? [He said,] yes," Panelo said.

"As long as the people benefit in the sale, the proceeds," he said.

Panelo said the President was expected to sign an order "because he already said so last night."

The Marcos jewelry collection, three in all, is part of the billions of pesos worth of assets confiscated from the late strongman Ferdinand Marcos, his family and their cronies during his 21-year rule.

The Sandiganbayan found the former first lady Ilocos Norte Rep. Imelda Marcos guilty on seven counts of graft related to private organizations created in Switzerland while she was a government official from 1968 to 1986.

Mrs. Marcos is out on bail. RALPH VILLANUEVA