Updated 16:27 PM PHT Thu, July 7, 2016
Metro Manila (CNN Philippines) — How did the Marcoses accumulate their wealth?
Former President Ferdinand Marcos started amassing wealth from the government when he was first elected head of state in 1965, according to the World Bank-UN Office on Drugs and Crime's (UNODC) Stolen Asset Recovery (StAR) Initiative.
When his 21-year regime finally ended in the People Power Revolution of February 1986, he siphoned off an estimated $5 billion to $10 billion, the study added.
The StAR database records six ways on how Marcos accumulated the plethora of government resources:
- Outright takeover of large private enterprises
- Creation of state-owned monopolies in vital sectors of the economy
- Awarding government loans to private individuals acting as fronts for Marcos or his cronies
- Direct raiding of the public treasury and government financial institutions
- Kickbacks and commissions from firms working in the Philippines
- Skimming off foreign aid and other forms of international assistance
Almost 30 years in the making, the recovery of Marcos alleged ill-gotten wealth continues today with the appraisal of the confiscated jewelry collection of former first lady and now Ilocos Norte Rep. Imelda Marcos.
The Marcos' jewelry collections will be revalued, and auctioned at the Bangko Sentral ng Pilipinas (BSP) until November 27, through the joint efforts of the Presidential Commission on Good Government (PCGG) and the Bureau of Customs (BoC). All proceeds will go to the Bureau of the Treasury (BTr).
The jewelry sets include gem and diamond-studded tiaras, bracelets, and necklaces from the Hawaii collection — which were seized from the Marcoses upon their arrival in Honolulu on February 26, 1986. These have been stored in a vault at the BSP.
Initially estimated at P377 million, the luxury collection is but a slice in the entire stash made by Marcos, his family, relatives, and allies.
Here are other luxury items and properties retrieved by the government and auctioned off in the past:
CNN Philippines' Paolo Taruc contributed to this report.