Toyota Philippines to begin refunding safeguard duty bonds to its customers

Due to the recent announcement by the Department of Trade and Industry (DTI) that has put a stop to the collection of safeguard duty bonds on vehicles, car manufacturers are now racing to refund those who bought a car during its implementation.

One such brand that has already begun the process of refunding its customers is Toyota Philippines. The Japanese automaker has already released an official announcement that it will no longer be collecting safeguard deposit bonds on the imported vehicles such as the Toyota Fortuner and Toyota Hilux that it sells locally and that its dealerships will soon get in touch with the customers who recently bought new vehicles to talk about their bond refunds.

The automaker continues by also stating, “Toyota dealers will contact the concerned customers for the schedules to claim their refunds.” This is great news for those who recently bought a vehicle as the safeguard bond acts as an additional fee to pay on top of the vehicle’s regular standard retail price (SRP). 

With the safeguard deposit bonds no longer being collected we could soon see price adjustments across all brands in the country. However, it may take some time for all the customers who bought a vehicle to be refunded as some automakers have included the bond within the vehicle’s SRP. Depending on the vehicle bought, customers can expect to see a refund of about P70,000 to P120,000 or more depending on other tax adjustment factors. As for those who bought a vehicle through financing, it is still unknown how the refund will affect their payment schemes. A likely scenario is that the dealership will refund the bond to the customer and the payment plan will remain unchanged.