As more carmakers comply with the Department of Trade and Industry’s Administrative Order imposing a Safeguard Import Duty on imported vehicles, Chery Auto Philippines is the latest one to announce new prices for its vehicle lineup.
Under the new measure, all Tiggo crossovers purchased from March 1, 2021 will be subject to a security bond worth P74,8000. This essentially includes the P70,000 import duty on passenger cars plus VAT. It will come on top of the existing vehicle sticker price.
It will be recalled that the DTI has issued a Department Administrative Order that imposes a P70,000 Safeguard Import Duty for imported passenger cars and P110,000 for imported Light Commercial Vehicles. This is a direct response to a petition filed by the Philippine Metalworks Alliance that claims that the local auto industry has been greatly affected by the influx of imported vehicles and is thus seeking protection.
With this, we can expect more carmakers to increase their vehicle prices within the coming weeks.
Source: 2021, March 1. Chery Auto PH complies with DTI’s Safeguard Import Duty with increased prices. Retrieved from c-magazine.com. Authored by C! Magazine Staff.