DOF turns over PHP 205 million in Bugatti proceeds

Finance Secretary Frederick D. Go led the turnover of PHP 205,016,000 in Bureau of Customs proceeds from the negotiated sale of two forfeited Bugatti Chiron luxury vehicles.

The transaction recovers value from idle government property, eliminates continuing storage and maintenance expenses, and places additional resources in the National Treasury for public programs and services.

The 2017 blue Bugatti Chiron and 2019 red Bugatti Chiron were seized in February 2024 because they lacked proper importation documents, according to the BOC.

“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,” Secretary Frederick Go said.

Elite Garage Corporation emerged as the sole offeror during the negotiated sale proceedings on March 26, 2026.

The company submitted a combined bid of PHP 205.016 million for the two vehicles.

The sale followed five public auctions conducted between September 2024 and February 2026 that failed because there were no qualified bidders.

One earlier negotiated sale also failed after attracting no offeror.

The official sale notice said the proceedings were conducted under Section 1149 of Republic Act No. 10863, or the Customs Modernization and Tariff Act, and related customs regulations.

The notice offered the vehicles on an “as is, where is” basis.

The entire PHP 205,016,000 will be remitted to the Bureau of the Treasury, adding resources to the national coffers.

The 2017 blue Bugatti Chiron generated PHP 101,508,000.

The 2019 red Bugatti Chiron generated PHP 103,508,000.

The BOC later described the approved PHP 205.016-million sale as one of its highest-value asset recoveries.

Apart from generating revenue, the disposition ends the government’s storage and maintenance costs for the vehicles.

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. Through transparency, accountability, and teamwork among government agencies, we continue to protect what belongs to the Filipino people,” Commissioner Ariel F. Nepomuceno said.

The BOC regularly publishes notices of public auctions and negotiated sales.

It also livestreams public auctions, negotiated sale proceedings and condemnation activities to promote public visibility, accountability and openness throughout the asset-disposition process.

The Department of Finance framed the turnover as restitution, under which the value of lawfully recovered assets is returned to the Filipino people.

By restoring the proceeds to the National Treasury, the government converts forfeited property into resources for public services and nation-building.