Reclassification and New Models of Motor Vehicles.
Section 5
SEC. 5. Reclassification and New Models of Motor Vehicles. - The Land Transportation Office (LTO) shall submit any recommendation for any change in the classification of motor vehicles above-listed for approval by the Secretary of the Department of Transportation and Communications (DOTC). All manufacturers and/or assemblers of motor vehicles shall, not later than three (3) months prior to the introduction of any new model of motor vehicle in the market, submit the specifications of such new model to the LTO which shall recommend for approval by the said secretary, the proper classification of the new model and the rate of the MVUC under which the new model shall fall. The LTO shall also release the proper classification of said new motor vehicle model on or before the scheduled release of such new model to the market, but in no case later than three (3) months after its receipt of the new motor vehicle's specifications.