The provisional safeguard bond for imported vehicles is no more after the Department of Trade & Industry (DTI) officially dismissed it last week. As a result, various automakers (Suzuki, Isuzu, Nissan, and Toyota) have already started the refund process to return the safeguard (SG) bond deposit customers paid when they bought an all-new vehicle.

Joining the growing list of automakers offering refunds is Honda Cars Philippines Inc (HCPI). In an official post, the company informs customers that the safeguard deposit collected will be returned.

But unlike most automakers which charged the full safeguard provision, HCPI only required customers to pay a portion of the deposit. This is why HCPI will only return between PHP 7,000 to PHP 60,000 to its customers.

Aside from charging only a portion of the safeguard bond, HCPI also has a different process for refunding the provisional safeguard deposit. Instead of going to dealerships, the refund process can be done safely at home via online means.

Honda Cars PH to allow safeguard refund to be done online image

Customers may claim their safeguard deposit refund through the following steps:

1.) Customers may download the Safeguard Refund Form online here.

2.) A complete Safeguard Refund Form, along with attached requirements must be submitted to dealers.

a. Requirements:

I. Signed and accomplished Safeguard Refund Form

II. Acknowledgment / collection / provisional receipt

III. Vehicle sales invoice

IV. Vehicle's official receipt and certificate of registration

V. One (1) valid government-issued identification card

b. For those who prefer to receive their refund via bank deposit instead of cheque, customers must indicate their bank details in the Safeguard Refund Form. Otherwise, refund release will automatically be in an actual cheque for claiming at the dealership.

3.) The dealer shall validate requirements and form of customer. If eligible for Safeguard Refund, customers will be receiving an update from their dealership of the transaction that their refund is for processing.

4.) Once the refund has been processed and approved, the dealer shall contact the customer once the Safeguard Refund is ready for release, either for the deposit or for cheque release at the dealership.

5.) Upon claiming the refund, customers must bring the original documents for verification. For health, safety, and security purposes, online process and verification may be applied by dealers and customers as well.

Honda's online method of processing refunds will help keep customers safe amid the pandemic. Moreover, it will ensure that only a limited number of customers will go to the dealerships/banks to collect the refund, avoiding the buildup of crowds.