The Presidential Commission on Good Government (PCGG) on Friday said it is planning to auction off confiscated jewelry and precious stones owned by former First Lady Imelda Marcos within the year.

PCGG Commissioner Atty. Ricardo Abcede said time is of the essence since the government needs to shore up revenues to plug its widening budget deficit.

"I am aiming to dispose of the jewelry within the year before my term ends. The jewelry has to be sold as soon as possible," Abcede said in an ABS-CBN interview.

The government possesses three collections of Mrs. Marcos' jewelry: Malacañang, Hawaii and Roumeliotes. The Malacañang and Hawaii collections are held by the PCGG while the Roumeliotes collections is held by the Bureau of Customs, as these were seized when a Marcos courier tried to smuggle them out of the country in 1986.

The PCGG official said Mrs. Marcos' jewelry could fetch sums north of P15 billion.

"I see the jewelry as non-performing assets. The P15 billion value was the appraisal in 2006. It would be worth even more now," Abcede said.

He said he sees no point in keeping the jewelry in the Bangko Sentral vault when other Marcos properties like real estate have already been sold. "What's so special about these jewels that they can't be sold?" Abcede asked.

The PCGG had initially wanted to auction off the jewels in 2006, but was stopped after Mrs. Marcos obtained a temporary restraining order.

Abcede said the PCGG plans to auction off the jewels either through public bidding or electronic bidding. He said electronic bidding may generate more revenue from the jewels.

The PCGG is also setting a meeting with the Department of Finance and the Bureau of Customs to discuss how to dispose of the jewels.