By Ferdinand Patinio
MANILA – The Bureau of Customs (BOC) on Thursday completed the negotiated sale of the two forfeited Bugatti Chiron cars, where the government has earned over PHP200 million.
During the negotiated sale held at the Bureau of Customs in Port Area, Manila, the Committee on Negotiated Sale, headed by Deputy Commissioner of the Revenue Collection Monitoring Group Arnel Alambra, accepted the offer of Elite Garage Corporation in the amount of PHP205 million.
The company has offered PHP101,508,000 for the 2017 blue Bugatti Chiron, while it offered PHP103,508,000 for the 2019 red Bugatti Chiron.
The Bureau said luxury vehicles were seized in February 2024 for lacking importation documents.
After the proceedings, the committee has issued a Notice of Acceptance to the offeror and required to pay 20 percent of the prices offered within 24 hours upon receipt of the Notice.
The offers will then be transferred to the Department of Finance for the approval of the Secretary.
Once approval is secured from the Secretary, the offeror has to pay the remaining 80 percent balance within 48 hours upon receipt of the Certificate of Award.
A negotiated sale is a method of selling assets or bonds, where the buyer and seller negotiate terms, often offering a faster alternative to competitive bidding. (PNA)
