Govt raises ₧20.83M after selling seized luxury cars; no bidders still for other 2

THE government raised P20.83 million from its sale last Wednesday of two seized luxury cars. The two sold cars—2008 Ferrari Scuderia 430 and 2006 Lamborghini —were the most expensive among the four luxury vehicles that were up for auction.

After several failed biddings, the used 2008 Ferrari Scuderia 430 was finally sold at P10.452 million to Etans Group Of Companies Holdings & Trading Inc., which posted the highest bid.

Meanwhile, the 2006 Lamborghini was awarded to FR Agbay Jr Enterprise after it posted the highest bid at P10.378 million. This was only the second time that the Lamborghini was put up on the auction block.

There were no bidders for the remaining two used luxury cars: the Porsche Boxster (2001) and the Mercedes E220 (2011). This prompted the Inter-agency Auction Committee to once again declare failed biddings for these lots. These vehicles were reoffered at f loor prices of P809,082.97 and P783,049.46, respectively.

Bureau of Customs (BOC) Deputy Commissioner Edward James A. Dy Buco said these unsold vehicles may be re-offered in the next auction at lower floor prices.

“We have two vehicles that we sold today so I believe we can offer [them] for another sale with a 10-percent reduction in the price. Maybe we can try it one more time,” Dy Buco said.

Responding to Dy Buco, Interagency Auction Committee Vice Chairman and Deputy Treasurer Erwin Sta. Ana said they will wait for the BOC’S recommendation regarding their next step for the two unsold cars.

“Today, we are successful in selling two luxury cars. Please await the announcement to be made by the Bureau of Customs on the succeeding auction,” Sta. Ana said.

In a bid to raise funds for the government’s pandemic response, it was announced in December last year that luxury cars seized by the BOC will be disposed through public auction.

Since the government resumed disposing luxury cars through public auction back in December, it has so far raised a total of P27.135 million. In April this year, the government earned P6.305 million from its sale of three seized luxury cars.

An Inter-agency Auction Committee composed of representatives from the BOC, Bureau of the Treasury and the Land Bank of the Philippines was formed to ensure transparency of the process and promote competition through broad dissemination of auction information.

Before this, smuggled vehicles were destroyed instead of being auctioned off as the BOC followed President Duterte’s directive.