Senator Miriam Defensor Santiago voices up for Used Car Consumers

MANILA : Used car industry is a growing market segment in Philippines, and since its inception in 1998 it is giving a tough competition to the new car industry. The use car market acquires a very small percentage in the entire automobile industry in the country, which is still in a immature stage. The Philippines government is working hard to regulate laws and policies in order to protect the consumers dealing in this new flourishing industry. The main objective is to propose a action plan for well-being of both the market-ends. After successfully fighting her cancer, Senator Miriam Defensor Santiago has now opened up a new fight, and this time around she has voiced her opinion for the consumers in used car market. A bill filled by this aspiring presidential candidate if passed will direct the Land Transportation Office to keep information about the fair market value and safety of the used car that is out for sale in the market.

Damages that are kept out of sight by the seller in order to sell his used vehicle at the highest possible price are some of the major concern area in which the Senate Bill 2855 would look into. It also aims to keep a close eye on the owners whose cars in the past have been subjected to flood, collision, fire, theft or any other incident degrading its market value. Following are the vehicle details required to be disclosed to LTO -

• Engine and Chaises number
• Date of termination of contract
• Odometer reading at time of accident
• Number of airbags deployed at the time of accident
• Cause of damage; flood, collision, fire, theft and recovery, or another cause

Any non-compliance would lead to punishment in form of penalty that is yet to be decided. Further apart from LTO no other government agency has been given the responsibility to check the validity of the result summited by the sellers. Lets hope that is bill soon becomes a law and protect the consumers from the malpractices currently taking place in the used car business.

Image Courtesy : autoindustriya.com