Payanig property now listed at P48B, Imelda’s jewelry at over P1B

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    INDEPENDENT appraisal of recovered, surrendered, and forfeited ill-gotten wealth of the Marcos family and their close associates have raised their total value by several billions of pesos, according to the 2019 audit report on the Presidential Commission on Good Government (PCGG).

    The audit report released last September 4 listed the so-called Payanig Property in barangay Ugong, Pasig City at P48,071,660,000 citing Asian Appraisal Co’s assessment as of November 29, 2019.

    A 44-page report published by the PCGG in 2011 had listed the same property at only P13,866,800,000. The property is composed of two lots measuring 160,000 square meters and 24,891 square meters bordered on three sides by the Ortigas, Doña Julia Vargas and Meralco avenues.

    According to the PCGG document, the Payanig Property is registered in the name of Mid-Pasig Land Development Corporation and was one of the assets surrendered to the government in 1986 by businessman Jose Y. Campos.

    It acquired its name for previously hosting the theme park “Payanig sa Pasig” up to the early 1990s.

    A second property measuring 2,886 square meters located at No. 82 EDSA, barangay Wack-Wack in Greenhills, Mandaluyong City where the IRC Building housing the offices of the PCGG is located was likewise appraised on November 28, 2019.

    Asian Appraisal Co. set its market value at P577.2 million – more than thrice the previous valuation of P129.87 million in the 2011 PCGG report. The property is now registered in the name of the Republic of the Philippines.

    The same 2019 audit report listed two of three jewelry collections of former first lady Imelda Marcos under the account “confiscated property/assets” at P1.03 billion.

    However, only the so-called “Malacañang Jewelry Collections” and the “Marcos Jewelry Hawaii Collections” were listed while the third one – the Roumeliotes Collections – was not mentioned.

    When it filed a petition for forfeiture in 1991, the PCGG estimated the value of the Malacañang Collection to be between $110,055 and $153,089 which makes it the smallest and least valuable of the three.

    The Hawaii Collections consist of more extravagant pieces, unset stones, and baubles found inserted among the Marcos family’s luggage when they fled to Hawaii in 1986.

    On the other hand, the Roumeliotes Collections is composed of 60 pieces of jewelry and loose gemstones seized from Greek-American Demetriou Roumeliotes on March 1, 1986 at the Manila International Airport as he was about to fly abroad.

    Of the three, only the Malacañang Collections was involved in Civil Case no. 0141. It was ordered by the Sandiganbayan First Division forfeited in favor of the government in 2014.

    A 2015 appraisal by international auction house Christie’s of 513 pieces set the value of the Malacañang Jewelry Collections from a low of P232.6 million and a high of P444.384 million.

    A separate appraisal by Sotheby’s a year later involving only 201 pieces set the price at a low of P66.285 million to a high of P100.72 million.

    The Hawaii Collection meanwhile was assigned a valuation of between $10.923 million to $18.665 million by Christie’s on December 18, 2015.