Moneyguru Philippines Corp., the company that operates financial comparison website MoneyMax.ph, said interest in car loans remained steady after the implementation of the tax reform law, driven by aggressive discounting and lower-end vehicles which are now taxed more lightly.
The company’s managing director Moritz Gastl said the website did not see any decrease in its car loan applications following the imposition of higher excise tax on automobiles brought by the Tax Reform on Acceleration and Inclusion (TRAIN) Law.
“Since [the implementation of the tax reform], the volume has been stable comparable with the beginning of last year. We haven’t actually seen it going down,” Mr. Gastl told reporters in a round table discussion in Makati City.
MoneyMax.ph is an online platform that lets its users to compare financial and telecommunication products such as insurance, loans, credit cards and broadband plans. — Karl Angelo N. Vidal