THE Bureau of Customs (BOC) is set to remit nearly P33.5 million to the national government from the sale of seven lots of abandoned and forfeited goods, including a 2024 Ferrari SF90 Stradale.
The negotiated sale resulted in accepted offers for seven of 13 sale lots, with total proceeds of P33.499 million, subject to the approval of the Secretary of Finance before the funds are remitted to the Bureau of the Treasury.
The Ferrari SF90 Stradale accounted for the overwhelming bulk of the proceeds after receiving the highest offer of P30.1 million. The disposal also included other luxury and utility vehicles, petroleum products, and industrial materials.
Among the other successful lots were a 2018 Lexus LX570 offered at P2 million, a 2012 Nissan Murano at P115,000, and a Hyundai Grand Starex GL at P110,000.
The remaining lots consisted of premium and regular gasoline valued at P200,000, flat glass at P352,000, and 35 packages of steel wire also offered at P352,000.
The sale is part of the BOC’s effort to dispose of abandoned and forfeited goods through legally prescribed mechanisms rather than letting seized assets sit in warehouses.
Under customs rules, goods may be considered abandoned or forfeited under circumstances provided by law, including violations of customs regulations. Once the appropriate legal and administrative processes are completed, the goods may be disposed of through authorized mechanisms, with proceeds ultimately benefiting the government.
The BOC said the negotiated sale also supports the government’s broader push for transparent and accountable management of public resources, consistent with President Ferdinand Marcos Jr.’s directive to improve government efficiency and maximize revenues for public benefit.
Commissioner Ariel Nepomuceno welcomed the successful disposal and thanked both BOC personnel and the offerors who participated in the proceedings.
“I congratulate everyone who contributed to the success of this negotiated sale, and many thanks as well to our offerors. We will continue strengthening our processes to improve our services and provide greater benefits to the government and the Filipino people,” Nepomuceno said over the weekend.
For transparency, the BOC live-streamed the proceedings, allowing the public to observe the disposition of the forfeited assets, saying that the move reinforces the bureau’s commitment to accountable customs administration while reducing opportunities for irregularities in the disposal process.
The P33.499 million in proceeds remains subject to approval by the Secretary of Finance under the Customs Modernization and Tariff Act. Once approved, the proceeds will be remitted to the Bureau of the Treasury, converting forfeited and abandoned assets into additional resources for the national government.
