‘One diamond could have bought two airports’ – the Filipino recreating Imelda Marcos’s gems stash

Like ghosts returning to the scene of the crime … recreations by Pio Abad and jeweller Frances Wadsworth Jones. Photograph: courtesy of the artists and the Cultural Center of the Philippines

Over his three terms as president of the Philippines from 1965, Ferdinand Marcos and his wife Imelda were able to cream off some $10bn of the nation’s assets through offshore banks. New revelations that a close associate of the dictator was also able to maintain an account with Credit Suisse as late as 2006 therefore comes as no surprise to Manila-born Pio Abad. For a decade the artist has been making work under the title The Collection of Jane Ryan and William Saunders, a reference to the aliases the couple used with the Swiss bank.

“It’s funny when a 10-year project becomes news,” says Abad, who is now London-based. “These institutions are very culpable for what happened in the Philippines.”