Proceeds worth P205 million from the negotiated sale of two seized luxury cars were turned over by the Bureau of Customs (BOC) and Department of Finance (DOF) to the Bureau of Treasury on Wednesday.
The BOC conducted a negotiated sale last March 26 for two forfeited Bugatti Chiron units, which were seized in February 2024 for lack of importation documents.
Elite Garage Corporation emerged as the sole offeror and bought the units for an offer of P101,508,000 for the blue Bugatti Chiron and P103,508,000 for the red model, or a total of P205,016,000.
‘The sale converts previously idle forfeited assets into public revenues while eliminating the government’s costs for storage and maintenance,’ the BOC said in a press release.
‘The proceeds will accrue to the National Government in accordance with existing laws and regulations,’ it noted.
The customs bureau also said the negotiated sale was held after five failed public auctions between September 2024 and February 2026.
It said the auctions failed due lack of qualified bidders and an instance of one negotiated sale with no offeror.
Regarding the turnover, Finance Secretary Frederick Go said the proceeds will benefit the Filipino people.
‘After nearly two years, we have finally completed the sale of these forfeited vehicles, ensuring that every asset under our stewardship is properly managed, and generates value for the Filipino people,’ Go said in the press release.
BOC Commissioner Ariel Nepomuceno also said that the agency will continue to coordinate with other government agencies to ensure transparent ‘teamwork’ in turnover of forfeited assets.
‘The turnover of these forfeited assets shows that our work does not end with seizure or forfeiture. We will ensure that the forfeited smuggled goods are recovered and converted into public funds for public projects,’ Nepomuceno expressed in the same press release.
Last March 10, the BOC also turned over to the Bureau of Treasury over P102.4 million after successfully auctioning nine of 13 luxury cars of contractor couple Cezarah ‘Sarah’ and Pacifico ‘Curlee’ Discaya.
The couple’s remaining four vehicles were sold through a negotiated sale, generating P12.2 million in proceeds.