BOC sets auction of smuggled Benzes, Porsche, Ferrari for COVID funds | Inquirer Business
Close  

BOC sets auction of smuggled Benzes, Porsche, Ferrari for COVID funds

By: - Reporter / @bendeveraINQ
/ 05:00 PM December 02, 2021

MANILA, Philippines—Instead of destroying smuggled luxury cars stopped at ports of entry as the Bureau of Customs (BOC) had done in the past, the government will now sell them to raise additional money for COVID-19 response.

For the first auction scheduled on Dec. 13, up for grabs will be five used luxury cars–three units of Mercedes Benz, one Porsche and one Ferrari—with a combined floor price of over P29 million.

ADVERTISEMENT

In a statement on Thursday (Dec. 2), the Bureau of the Treasury said Finance Secretary Carlos Dominguez III ordered the BOC to dispose of smuggled luxury vehicles it had confiscated through public auction.

To make bidding transparent, the BOC, the Treasury and the state-run Land Bank of the Philippines (Landbank) on Wednesday (Dec. 1) signed a memorandum of agreement (MOA) to form an interagency auction committee which will oversee disposition of seized luxury cars.

FEATURED STORIES

“The BOC’s partnership with reputable government agencies and the shift to an open process send a strong signal to the public that this administration is very serious in addressing collusion in the disposal of smuggled goods,” their joint press release read.

“Through the added network of the Treasury and Landbank, the notice of auction and other key information on the vehicles will be made available to the wider public, thus enhancing the competitive nature of the process,” they said.

The Dec. 13 auction, for instance, will be live-streamed on the official Facebook pages of all three agencies. Bids will be accepted at the Treasury’s auction room in its historic Ayuntamiento de Manila office, where T-bills and bonds were also being auctioned off weekly.

The luxury cars put on the auction block were confiscated by the BOC last May and June, and had been issued final and executory forfeiture orders. Auction will be on an “as is, where is” basis.

The most expensive of the bunch was a 2008 Ferrari Scuderia 430, which had been assigned a floor price of P23.23 million.

The three Mercedes Benz units included a P1.49-million 2011 E220; P1.32-million 2001 SLK55; and P1.25-million 2001 SLK350.

The lone Porsche Boxster 2001 will be auctioned off at a floor price of P1.79 million.

ADVERTISEMENT

Interested bidders needed to first register with the BOC starting on Thursday. Registration will be until Dec. 9, after which they may inspect the five cars at the Manila International Container Port (MICP) premises in South Harbor, Port Area, Manila until Dec. 10.

According to the notice of public auction issued by the BOC, individuals, sole proprietorships, as well as partnerships and corporations may participate in the bidding.

Bidders must also submit negative RT-PCR or antigen test results at least two days before Dec. 13, so they can join the auction proper which would be held with minimum health standards like wearing face masks and shields plus physical distancing.

TSB
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: auction, Bureau of Customs, confiscated, COVID-19 response, Ferrari, Mercedes-Benz, Porsche, smuggled cars
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.