With the Department of Trade and Industries (DTI) officially dismissing the provisional safeguard bonds on imported vehicles, manufacturers no longer have to pay the additional PHP 70,000 or PHP 110,000 cash bonds for imported vehicles. Soon, automakers will be refunding the deposits made by customers on top of the vehicle’s price. Fortunately, things are a bit easier for Toyota Motor Philippines (TMP) and its customers.
Unlike other automakers, TMP didn’t include the safeguard bond into the SRP of vehicles. Instead, customers were asked for the safeguard bond in the form of a "security deposit" separate from the vehicle payment. Customers may have thought it was a hassle at the time but now that the deposits are being refunded, it’s a lot easier than having to compute things. At the same time, the SRP of vehicles remains unchanged.
Customers didn’t just pay PHP 70,000 or PHP 110,000 for the cash bonds, even though that’s what the DTI required. Because of VAT, they paid either PHP 78,400 (passenger cars) or PHP 123,200 (light commercial vehicle). And yes, the entire payment will be refunded.
For those that acquired a Toyota vehicle that is affected by the provisional safeguard bond, this will be great news. The following Toyota vehicles are covered by the safeguard bond: 86, Yaris, Wigo, RAV4, Rush, Avanza, Camry G, FJ Cruiser, Corolla Altis, Corolla Cross, and the Fortuner V and G. Owners who made safeguard deposits for these vehicles that meet the criteria will get PHP 78,400 back.
Owners that purchased the Hilux, Hilux Cab and Chassis, and Hiace Cargo will receive PHP 123,200 as these models are classified as light commercial vehicles (LCV).
The Vios, Innova, Prius, Camry V, Fortuner LTD/Q, Prado, Hiace, Alphard, and Coaster were exempted.
Toyota dealers will soon be calling customers for schedules to claim their refund. They may also contact the dealership from where they bought the vehicle for further confirmation. Furthermore, dealers will no longer collect security deposits for new sales.