Finance Secretary Frederick Go led the turnover of more than ₱205 million in proceeds from the Bureau of Customs (BOC) following the successful negotiated sale of two forfeited Bugatti Chiron luxury vehicles, transforming idle government assets into revenues that will support national development.
“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.
“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.”
During the Negotiated Sale proceedings held on March 26, 2026, Elite Garage Corporation emerged as the sole offeror and submitted a bid of ₱205.016 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. The successful disposition demonstrates the government’s determination to maximize the value of forfeited assets through lawful and transparent means.
A total of P205,016,000 in proceeds will be remitted to the Bureau of the Treasury (BTr), adding resources to the national coffers. 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.
“Through transparency, accountability, and teamwork among government agencies, we continue to protect what belongs to the Filipino people.”
The sale converts previously idle forfeited assets into public revenues while eliminating the government’s costs for storage and maintenance. The proceeds will accrue to the National Government in accordance with existing laws and regulations.
“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,” Commissioner Ariel Nepomuceno said.
The turnover reflects the principle of restitution—returning to the Filipino people the value of assets lawfully recovered by the government.
“Through transparency, accountability, and teamwork among government agencies, we continue to protect what belongs to the Filipino people,” Nepomuceno added.
The BOC regularly publishes public auctions and negotiated sale notices and conducts live streaming of public auctions, negotiated sale proceedings, and condemnation activities, promoting openness, accountability, and public visibility throughout the asset disposition process
Through transparent disposition and responsible stewardship, the proceeds are restored to the National Treasury, ensuring that forfeited properties are transformed into resources that support public service and nation-building.
