Manila: The Bureau of Customs (BOC) has successfully completed the negotiated sale of two forfeited Bugatti Chiron cars, generating over PHP200 million in revenue for the government. The sale took place at the Bureau of Customs in Port Area, Manila, with the Committee on Negotiated Sale, led by Deputy Commissioner of the Revenue Collection Monitoring Group Arnel Alambra, accepting an offer from Elite Garage Corporation amounting to PHP205 million.
According to Philippines News Agency, Elite Garage Corporation submitted a bid of PHP101,508,000 for the 2017 blue Bugatti Chiron and PHP103,508,000 for the 2019 red Bugatti Chiron. These luxury vehicles were seized in February 2024 due to the absence of necessary importation documents.
Following the proceedings, the committee issued a Notice of Acceptance to the offeror, who is required to pay 20 percent of the offered prices within 24 hours of receiving the notice. The offers are then forwarded to the Department of Finance for approval by the Secretary. Once approval is granted, the offeror must pay the remaining 80 percent balance within 48 hours of receiving the Certificate of Award.
The negotiated sale process allows for direct negotiations between the buyer and seller, providing a quicker alternative to the traditional competitive bidding method.
