By Benjamin Cuaresma
MANILA — Luxury vehicles and other forfeited goods seized by the Bureau of Customs (BOC) have generated P33.5 million in potential government revenues, led by the negotiated sale of a high-end Ferrari that accounted for the overwhelming bulk of the proceeds.
The BOC said the negotiated sale conducted on July 30 resulted in accepted offers for seven of 13 sale lots, with the offers now subject to the approval of the Secretary of Finance before the proceeds can be formally remitted to the Bureau of the Treasury.
A 2024 Ferrari SF90 Stradale Mansory drew the highest offer at P30.1 million, while a 2018 Lexus LX570 was sold for P2 million, according to the customs bureau.
The two luxury vehicles alone accounted for P32.1 million of the total P33.5 million generated from the sale, underscoring the significant revenue potential of forfeited high-value goods.
BOC Commissioner Ariel Nepomuceno credited the agency personnel and participating offerors for the successful disposal of the properties.
“I congratulate everyone who contributed to the success of this negotiated sale, and thank you also to our offerors,” Nepomuceno said.
He said the bureau would continue tightening its procedures to improve customs operations and generate greater benefits for the government and the Filipino people.
The negotiated sale is part of the BOC’s continuing program to dispose of abandoned and forfeited goods in accordance with customs laws, rules and regulations.
Rather than allowing forfeited assets to remain in government custody, the process converts qualified properties into funds that can ultimately be turned over to the national government.
Nepomuceno said the latest sale demonstrated the BOC’s commitment to transparent, decisive and efficient customs administration, particularly in handling properties that have been forfeited under existing regulations.
The bureau emphasized that the transaction is not yet final.
The accepted offers remain subject to the approval of the Finance Secretary, after which the proceeds will be remitted to the Bureau of the Treasury.
The P33.5-million negotiated sale therefore represents more than the disposal of luxury assets: it marks another effort by the customs bureau to turn forfeited properties into revenue for the government while strengthening accountability in the management of seized and abandoned goods.
ia/xf
