P18-B FM assets sold this year

The Presidential Commission on Good Government (PCGG) said yesterday it would auction off assets seized from the family of the late dictator Ferdinand Marcos to finance a gaping fiscal deficit.

Sale of the assets — including shares of stock, properties and a jewelry set of former First Lady Imelda Marcos — is expected to generate some P18 billion, said PCGG Chairman Ruben Carranza.

"The government has a huge budget deficit and we need to dispose of the properties to generate income as soon as possible," Carranza told reporters.

Mrs. Marcos’ jewelry, which is being kept by the government, will be auctioned off in August or September either at Christie’s in New York or Sotheby’s in London, he said.

"The former first lady’s jewelry collection has always been one of the main attractions for the bidders," Carranza said.

Mrs. Marcos’ 3,000 pairs of shoes left at Malacañang at the height of the February 1986 people power revolt that toppled her husband have been donated to the local government of shoe-making Marikina City.

The PCGG is a government agency tasked with recovering wealth allegedly accumulated by Marcos during his 20-year-rule.

Other Marcos assets to be sold later include vacation houses in the north, shares of stock in utilities and telecommunications firms and two television stations.

The government has been cutting down on expenditures to trim a projected deficit of P225 billion this year to a more manageable P145 billion. – Sheila Crisostomo