HYUNDAI ASIA Resources, Inc. (HARI) has asked the Board of Investments (BoI) to reconsider its decision to cancel its registration as participant in the Motor Vehicle Development Program (MVDP), according to Trade Secretary Ramon M. Lopez.
“(HARI) has a motion for reconsideration. It’s with BoI, so we will talk (with HARI President and CEO Maria Fe Perez-Agudo),” Mr. Lopez told reporters on Friday.
In June, the BoI ordered the Philippine dealer of Hyundai Motor vehicles to return P1 billion worth of incentives granted under the MVDP. This after HARI was found to have been importing semi-knocked down kits of Eon and another commercial vehicle, instead of completed knocked down kits for local assembly.
HARI has not responded to requests for comment as of press time.
Hyundai Philippines sales rose 9% year on year in the first eight months, having sold a total of 24,233 units. — Anna Gabriela A. Morato
