The Market Monitor Minding the Nation's Business
The Bureau of Customs (BOC) will auction smuggled luxury cars that were stopped at ports of entry in order to raise funds for government’s COVID-19 efforts.
Instead of destroying five used smuggled cars, these will be put up for sale starting on December 13. The luxury vehicles – three Mercedes Benz, one Porsche and one Ferrari — have a combined floor price of over P29 million.
Finance Secretary Carlos Dominguez III had ordered the BOC to dispose of the confiscated cars through public auction, according to the Bureau of Treasury
To make bidding transparent, the BOC, the Treasury and Land Bank of the Philippines (Landbank) signed a memorandum of agreement (MOA) to form an interagency auction committee which will oversee disposition of seized luxury cars.
The Dec. 13 auction will be live-streamed on three agencies’ official Facebook pages. Bids will be accepted at the Bureau of Treasury’s Ayuntamiento de Manila office.
The luxury cars were seized by BOC last May and June, and issued final and executory forfeiture orders. Auction will be on an “as is, where is” basis.
The most expensive is a 2008 Ferrari Scuderia 430, which had been assigned a floor price of P23.23 million.
The three Mercedes Benz cars include 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.
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.