MANILA -- The Board of Investments (BOI) on Friday said Hyundai Asia Resources, Inc. (HARI), the importer and distributor of Hyundai vehicles in the Philippine market, has agreed to comply with the directives of the Department of Trade and Industry (DTI) and the Department of Finance (DOF) regarding the company’s importation issue and alleged failure to comply with Executive Order 156.

“HARI has indicated acceptance and willingness to comply with the said board resolution in a meeting attended by, among others, high-level officials from the Departments of Trade  including BOI, and Finance including the Bureau of Customs (BOC),” DTI Secretary and BOI Chairman Ramon Lopez said in a letter to House of Representatives’ Ways and Means Committee Chairperson Dakila Cua.

Lopez also noted BOI’s decision on HARI's Nov. 22, 2017 motion for reconsideration.

He cited the dispositive portion of the decision, which includes the suspension of the firm's certificate of registration as participant to the Motor Vehicle Development Program (MVDP) under EO 156 until HARI implements its assembly process of welding and painting for its car models within six months from the receipt of the resolution.

“HARI presented its future assembly process in order to comply with the board resolution,” the letter read.

The BOI also wants a refund of tax and duty differentials between completely built-up and knocked-down parts and components on all importations.

But the actual amount to be refunded to the government and the period of payment will be determined by the BOC, the DTI chief added.

“BOI has been actively coordinating with the BOC to provide all information within our purview,” Lopez said.

The top trade official said the BOI would cancel HARI’s participation to MVDP if it fails to comply with the requirements within the given period. (PNA)