Customs Modernization and Tariff Act
Section 1151. Forfeiture Fund. - All proceeds from public auction sales after deduction of the charges as provided in Section 1143 of this Act and subject to the claim of the owner or importer of an impliedly abandoned goods as provided in Section 1130 of this Act, shall be deposited in an account to be known as Forfeiture Fund.
The Fund shall be in the name of and shall be managed by the Bureau which is hereby authorized, subject to the usual government accounting rules and regulations, to utilize it for the following purposes:
(a) To outsource, subject to the rules on government procurement established by law, the management of the inventory, safekeeping, maintenance and sale of goods enumerated in Section 1139 of this Act to private service providers: Provided, That the Bureau shall retain jurisdictional control and supervision over these goods as well as the operations of the service provider so contracted;
(b) To facilitate customs seizure, abandonment and forfeiture proceedings and the disposition of goods under Section 1139 of this Act, particularly those to be disposed of other than through public sale;
(c) To enhance customs intelligence and enforcement capability to prevent smuggling; and
(d) To support the modernization program and other operational efficiency and trade facilitation initiatives of the Bureau.
The DOF and the Department of Budget and Management (DBM) shall, upon the recommendation of the Bureau, issue a joint regulation to implement the provisions of this section.