-
The Department of Finance turned over more than P205 million in proceeds from the Bureau of Customs’ negotiated sale of two forfeited Bugatti Chiron
-
The vehicles were sold to Elite Garage Corp. in a negotiated sale on March 26 following five failed public auctions and one earlier negotiated sale that drew no bidders
The Department of Finance (DOF) turned over more than P205 million in proceeds from the Bureau of Customs’ (BOC) negotiated sale of two forfeited Bugatti Chiron luxury vehicles, converting idle government assets into revenues for the national treasury.
Finance secretary Frederick Go led the turnover of the proceeds, which will be remitted to the Bureau of the Treasury to support government programs.
“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 a statement.
Elite Garage Corp. emerged as the sole bidder during the negotiated sale conducted on March 26, 2026, submitting an offer of P205.016 million for the two vehicles.
The negotiated sale came after five public auctions, held between September 2024 and February 2026, failed to attract qualified bidders, followed by an earlier negotiated sale that received no offers.
The BOC said the successful disposition underscores the government’s efforts to maximize the value of forfeited assets through lawful and transparent means.
Of the total proceeds, P101.508 million came from the sale of a 2017 blue Bugatti Chiron, while P103.508 million was generated from the sale of a 2019 red Bugatti Chiron.
The sale also eliminates government expenses for storing and maintaining the forfeited vehicles while converting previously idle assets into public funds.
“The turnover of these forfeited assets shows that our work does not end with seizure or forfeiture. Our true objective is to ensure that confiscated smuggled goods are recovered and converted into public funds to support government projects. Through transparency, accountability, and teamwork among government agencies, we continue to protect what belongs to the Filipino people,” Customs commissioner Ariel Nepomuceno said in mixed English and Filipino.
READ: BOC auctions off Discayas’ Rolls-Royce Cullinan for P29M
The BOC said it regularly publishes notices for public auctions, negotiated sales, and condemnation proceedings to promote transparency, accountability, and public oversight throughout the asset disposition process.
The DOF said the turnover reflects the principle of restitution by restoring the value of lawfully recovered assets to the Filipino people through their remittance to the national treasury for public service and nation-building.
