BOC Turns Over Over P205M Proceeds from Seized Bugattis to Treasury

The Bureau of Customs (BOC) on Wednesday turned over more than P205 million in proceeds from the negotiated sales of two Bugatti Chiron cars, which were seized in 2024, to the Treasury. At a ceremonial turnover in Manila, Finance Secretary Frederick Go led the turnover of a total of P205,016,000 in proceeds, which will add resources to the national coffers. "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. The BOC, in April, announced that it had completed the negotiated sale of a 2017 blue Bugatti Chiron and a 2019 red Bugatti Chiron. The Bugatti Chirons were seized in February 2024 due to the absence of proper importation documents. During the negotiated sale proceedings held on March 26, 2026, Elite Garage Corporation emerged as the sole offeror and submitted a bid of P205.016 million for the two vehicles. The negotiated sale concluded after five public auctions conducted between September 2024 and February 2026 failed due to the absence of qualified bidders, followed by one negotiated sale with no offeror, according to the Customs. This consists of P101,508,000 from the sale of the 2017 Blue Bugatti Chiron and P103,508,000 from the sale of the 2019 Red Bugatti Chiron. “The turnover of these forfeited assets shows that our work does not end with seizure or forfeiture. Ang tunay na layunin natin ay tiyakin na ang mga nakukumpiskang smuggled goods ay nare-recover at naco-convert into public funds para sa mga pampublikong proyekto," Customs Commissioner Ariel Nepomuceno said. "Through transparency, accountability, and teamwork among government agencies, we continue to protect what belongs to the Filipino people,” he added. –NB, GMA News