Plan on buying a new vehicle? Better buy one before March 1, 2021, or be prepared to shell out extra. Automakers have started announcing the price increases following the Department of Trade and Industries (DTI)'s new safeguard measures. It started with Geely, followed by GAC last week, and now Toyota Motor Philippines.
Starting March 1, 2021, several vehicles from TMP's lineup will be subject to either a PHP 78,400 or PHP 123,200 additional cash bond. Vehicles affected by the PHP 78,400 bond include the 86, Wigo, Avanza, Camry G, Rush, Corolla, Corolla Cross, Yaris, FJ Cruiser, Fortuner G and V, and the RAV4. Meanwhile, the Hilux and Hiace Cargo are subject to the two models subject to the higher PHP 123,200.
Fortunately, some of Toyota's best-selling models, such as the Vios, Hiace (and Super Grandia variant), and the Innova are exempt. That's because the Vios and Innova are assembled locally, while the Hiace and Super Grandia fall under a different tax category. Other exempted models include the Alphard, Land Cruiser, Land Cruiser Prado, and the GR Supra. Interestingly, the Camry V and Fortuner Q and LTD variants are exempt from the additional cash bond.
Notice that TMP and its dealers have not officially called it a price increase. Instead, the announcement said that these are additional “cash deposits” to be paid by buyers on top of the model's current SRP.
Is the Toyota you're planning to buy affected by the additional cash bond? Well, there's still a week left before February ends.