Toyota Motor Philippines (TMP) has announced that it will be requiring additional fees when you purchase a vehicle. Implementation of the new additional safeguard fees will take effect on March 1, 2021, and will cover most of the brand’s local vehicle lineup in the country. This was done as part of the Department of Trade and Industry’s (DTI) new safeguard measures, which seek to help the local automotive industry.
While other automotive brands have already raised their vehicle prices, Toyota has chosen to go a different route, asking customers to make a deposit to cover the provisional safeguard duty instead. It is still unknown how long these safeguard duties will remain, as the DTI, along with the Tariff Commission, is still investigating the matter. It will take time for the results to come out.
Toyota vehicles that are covered by the new safeguard deposits are as follows:
- Toyota 86
- Toyota Wigo
- Toyota Avanza
- Toyota Camry for its G variant only
- Toyota Corolla Altis
- Toyota Corolla Cross
- Toyota Yaris
- Toyota FJ Cruiser
- Toyota Fortuner especially for its G and V variants only
- Toyota RAV4
- Toyota Hilux
- Toyota Hilux Cab and Chassis
- Toyota Hiace Cargo
All vehicles mentioned above with the exception of the Hilux, Hilux Cab and Chassis, are going to require a deposit of P78,400. For the commercial vehicles, they will require a heftier deposit of P123, 200. Other models in Toyota’s lineup such as the Vios and Innova are exempt from the tax, as they are assembled locally. The Hiace and its Super Grandia variants, on the other hand, are in a different tax bracket and therefore are not affected by the safeguard duties. The same can be said for other higher-priced vehicles such as the Toyota GR Supra, Toyota Land Cruiser, Toyota Land Cruiser Prado, and Toyota Alphard are also not included in the safeguard measures. It is important to note that there are variant-specific models as well that are exempted from the extra taxes, these are the Camry V, and the Fortuner Q and LTD models.
While Toyota hasn’t officially called this a price hike, all we can do now is wait for the DTI’s investigation on the safeguard act to produce results. The results will determine whether the vehicle prices will increase permanently, or if the safeguard measures will only be temporary.