MANILA, Philippines — The Presidential Commission on Good Government (PCGG) has remitted P714 million to the Bureau of the Treasury (BTr) following the sale of a Claude Monet painting, which was sold by the commission and is believed to be part of the late President Marcos Sr.’s collection, Finance Secretary Ralph Recto said.
The PCGG remitted the multimillion-peso proceeds from the painting to the Treasury last May.
The commission was created by former president Corazon Aquino to recover the Marcos’ ill-gotten wealth, including that of his immediate family, relatives, subordinates and close associates, whether located in the Philippines or abroad.
Recto, however, did not disclose which specific Monet painting was being referred to in the sale.
Data from the BTr showed that the remittance was the first in two years, after a remittance of P900,000 was made in May 2023.
According to the website of the PCGG’s Missing Art Movement, three paintings by Claude Monet are listed.
The L’Eglise a Vetheuil, whose status is located and under the custody of law. The 23 inches by 28.5 inches painting was originally purchased at $241,500.
Meanwhile, the Le Bassin Aux Nymphéas is not under the PCGG possession but was already located. The oil on canvas piece is the most expensive acquired among the Monet collection, valued at $791,800 based on PCGG’s site.
Lastly, the La Pluie painting indicated in the PCGG site is still missing. The original acquisition cost of the painting is at $365,500 sized 24 inches by 29 inches oil on canvas.
In 2024, PCGG chairperson Melchor Sadang said cash recoveries for fiscal year 2024 reached P2.2 billion, contributing to the total P182 billion cash recovered since 1986.
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