BUYERS of Toyota Motor Philippines’ (TMP) hybrid electric vehicles (HEVs) can expect lower prices after the issuance of Executive Order (EO) No. 62, the company said.
In an advisory, TMP said that following the exemption of HEVs and plug-in HEVs (PHEVs) from import duty, it has reduced the suggested retail prices for the Toyota RAV4, Alphard, and Lexus HEVs.
“Toyota and Lexus encourage customers to visit the nearest authorized dealership for more information on how to enjoy these attractive prices for their HEVs,” it added.
On June 20, President Ferdinand R. Marcos, Jr. signed EO 62, which modified the nomenclature and rates of import duty on various products.
A part of which covered the expansion of the reduced Most Favored Nation tariff rates of the products covered under EO No. 12 to other battery EVs, HEVs, PHEVs, and certain parts and components.
The National Economic and Development Board approved in May the expansion of the coverage of EO 12, which temporarily reduces tariffs on EVs to zero until 2028.
Aside from the 34 lines of EVs covered by EO 12, it will now also cover e-motorcycles, e-bicycles, nickel metal hydride accumulator batteries, e-tricycles and quadricycles, HEVs, and PHEV jeepneys or buses.
Data from a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association showed that the six-month sales of TMP totaled 104,350 units, up 11.5% from 93,575 in the same period last year.
Its first six-month showing accounted for 46.12% of the industry’s total sales of 226,279.
In June alone, the company sold 18,093 cars, up 10.5% from 16,381 in the same month a year ago. This accounted for 46.29% of the industry’s total sales last month. — Justine Irish D. Tabile
