Market leader Toyota Motor Philippines Corp. (TMP) is looking forward to the inclusion of hybrid vehicles in an order that exempts this type of vehicle from the payment of duties.
TMP chairman Alfred Ty told reporters in a recent company event it has been a year since the tariff elimination on electric vehicles (EVs) took effect the results of the review should be out soon.
“It has been a year; we are looking forward to the NEDA (National Economic and Development Authority) review,” said Ty.
Exemption of hybrids, he said, will help promote electrification in the country.
“For cleaner air and zero emission, at this moment (hybrids) are the best way to supply the Philippine transportation system with cleaner and efficient transportation,” Ty said.
He said TMP will continue to supply the market with hybrid in various models including those that are very affordable models such as the Corolla Cross and Yaris Cross.
Tariff exemption, according to Ty, will have an impact on the cost of hybrids.
Duty-free exemption of has been granted under Executive Order (EO) 12 to pure electric vehicles (EVs).
Hybrids are currently slapped 20 percent.
TMP is also pushing for the exemption in excise taxes of hybrid vehicles under the Tax Reform for Acceleration and Inclusion (TRAIN).
TRAIN grants 100 percent excise tax exemption on pure EVs but hybrids only enjoy 50 percent exemption
Despite rising interest rates, TMP has been holding on to its prices
“Foreign exchange has been stable and inflation is going down, What is important is stability,” Ty said.
He added TMP is cautiously optimistic abot the economy especially with the government’s pro business approach. – Irma Isip
