Philippine hybrid market ‘very stagnant’, government incentives needed
Hybrid cars could promote and hand over money very well in the Philippines only if they appreciate the disruption of tax to bring down their expensive value. This is based on the statement of the Toyota Motor Philippines Corp (TMPC)
The current competitor of TMPC, with Honda Cars Philippines Inc (HCPI) will officially introduce its first hybrid sports car, the CRZ, into a market that the former president Michinobu Sugata explained as “very stagnant.”
The outstanding obstacle is the pricing, as the Japan-made Prius models are being stroked a number of compulsory contributions to state revenue, including about 20 percent import obligation, 12 percent value-added tax, as well as charge excise which already make up about a third of the selling cost.
Meanwhile, the Senate accepted on third reading Senate Bill No. 2856, also called as the Alternative Fuel Vehicles Incentives Act.
On the other hand, the 15th Congress was not successful to build a legislative bod to address the integrated version of the two houses’ specific proposed laws.
B. De Vera