The Bureau of Customs (BOC) is set to raise over P650 million in additional revenue through the public auction of two luxury Bugatti Chirons seized earlier this year.
The starting bid for the red Bugatti Chiron is P334,238,820, while the blue Bugatti Chiron will begin at P312,390,878. The auction will be conducted through sealed bidding.
BOC spokesperson and Assistant Commissioner Jet Maronilla told Manila Bulletin that this is the second attempt to auction the Bugatti Chirons. "The first one failed because there were no submitted bids," he said.
Maronilla added that the BOC is "hoping that the second bidding will garner more interest."
When asked if these "hot cars" are the most expensive the BOC will ever sell, Maronilla confirmed, "On a per-car basis, I think [they are]."
Maronilla explained that the proceeds from the auction will be considered a non-traditional source of income for Customs, contributing to their overall revenue collection.
He said the cars had to go through a legal process to be officially seized before they could be sold.
"As soon as the legal requirements were met and the necessary procedures for disposal were followed, we immediately conducted the first auction," Maronilla said.
Before the pandemic, the BOC destroyed smuggled vehicles in public to demonstrate the government's commitment to its anti-smuggling drive. But since 2021, the government has changed its approach and has been auctioning off some of the seized luxury vehicles to raise additional revenue.
This public auction of luxury cars is in accordance with the Customs Modernization and Tariff Act and related regulations.
In June 2022, the BOC raised P20.8 million from the sale of two used hot cars: a 2006 Lamborghini, at P10.4 million; and a 2008 Ferrari Scuderia 430, at P10.5 million.
In April 2022, the BOC also generated P6.3 million from selling three luxury vehicles: a Mercedes-Benz G500 SUV at P4.8 million; a 2001 Mercedes-Benz SLK55, at P775,000; and a 2001 Mercedes-Benz SLK350 at P730,000.