Hyundai Asia Resources (HARI), the third leading distributor in the Philippine automotive market, confirmed it has resigned as member of the Chamber of Automotive Manufacturers in the Philippines (CAMPI).
Quoting its corporate secretary, Atty. Zosimo Casihan Jr., HARI said the company "has decided to 'quietly move on,' pursue other interests and advocacies, and to concentrate on building the Hyundai brand."
HARI's resignation from CAMPI took effect on December 31, 2010.
Rumors about HARI's plan to leave CAMPI spread late last year. When TopGear.com.ph asked HARI president Fe Perez-Agudo, the executive said she will "make a decision when the time comes."
Perez-Agudo currently heads another automotive group--the Association of Vehicle Importers and Distributors (AVID)--which has been calling for fair treatment of assemblers, exporters, importers and distributors. AVID members import cars mostly from the United States, Europe, China and Korea.