Suzuki has halted collection efforts for vehicle safety bonds in the Philippines. The news comes on the heels of the Department of Trade and Industry (DTI) decision to cease the use of safeguard measures on the importation of cars and other vehicles.
The Bureau of Customs (BOC) had been tasked to collect the provisional safeguard duty bonds beginning last February. Toyota and Nissan had earlier announced their own refund campaigns. In that regard, Suzuki Philippines has promised to refund all eligible customers that had bought a vehicle and paid for the deposit. That is, once the BOC gives the signal to issue the refunds.
Owners of the Suzuki Celerio, Swift, Ertiga, XL7, Vitara, and APV may receive a cash refund, provided they bought their vehicle from February to August of this year. Models such as the Dzire, Ciaz, Jimny, and S-Presso were notably exempt from the safeguard bond. This means that no refunds will be given for these models regardless of purchase date.
When the safeguard measures were in place, prospective car buyers were asked to place bond deposits from P70,000 to upwards of P100,000. The bond also included a VAT of 12% and was billed as a separate cost not included in a vehicle's listed price. While car companies charged the bond from customers, it was the BOC who ultimately collected the money. The BOC then relayed their collections to the DTI, who has now decided to end this practice.
With this decision, Suzuki owners who paid the special deposit are set to get their money back soon, as the Japanese company is now awaiting the signal from the BOC. Suzuki Philippines has advised the public to expect a message from their respective dealerships regarding the refunds. The company expects to start the process and disburse the deposit to customers as soon as possible. If you think you're eligible for a refund, contact your dealer for more information on the timeline and payment procedures.