POGO-owned luxury cars sold for P205 million, proceeds go to Treasury

The Bureau of Customs (BOC) announced that two luxury vehicles owned by Philippine offshore gaming operators (POGOs) have been sold for a total of P205 million. The BOC yesterday turned over the amount to the Bureau of the Treasury following the negotiated sale of a 2019 red Bugatti Chiron and a 2017 blue Bugatti Chiron. According to Customs Commissioner Ariel Nepomuceno, up to P800 million could be raised from the sale of luxury vehicles, including the auctioned cars of detained public works contractors Curlee and Sarah Discaya. Over P340 million has been collected so far from the auction and sale of seized luxury cars. Elite Garage Corp. had placed an offer for the two Bugatti vehicles, the BOC said. Finance Secretary Frederick Go said at yesterday’s ceremony for the fund turnover, “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.” Nepomuceno added that other idle assets, including over 200 vehicles worth around P500 million, have yet to be disposed of. The sale of these POGO-related assets comes amid recent trends of stricter regulations for POGO operations in the Philippines and the withdrawal or downsizing of some operators. While POGO businesses have brought foreign exchange into the Philippine economy, their regulation, taxation, and impact on national security have always been subjects of debate. Source: Philstar Nation