The Department of Trade and Industry (DTI) finally pulled the plug on its safeguard measures earlier this week. This means carmakers no longer have to charge customers extra with every car purchase, and that should be good news for those of you eyeing a brand-new vehicle.
What about those who’ve already had to shell out extra these past few months, then? Well, at least for Toyota customers, you should get back your deposits soon enough. Toyota Motor Philippines (TMP)—one of the many carmakers that imposed additional security deposits on every car purchase at the start of the year—has just released its official advisory regarding all this.
The company’s statement reads: “In view of the dismissal of the petition for general safeguard measures on the importation of motor vehicles, Toyota is pleased to announce that it will return to its customers the security deposits that have been imposed and previously collected on its sales of motor vehicles. Furthermore, collection of security deposits from new sales will be discontinued.
“Toyota dealers will contact the concerned customers for the schedules to claim their refunds.”
You can check out the official post below:
We expect other carmakers to make their respective announcements in the coming days or weeks, so we’ll be sure to bring you more as we have them.