Senate Majority Leader Juan Miguel Zubiri announced that he is introducing a bill that will provide incentives to manufacturers, sellers and importers of hybrid vehicles in the country.
Zubiri’s Senate Bill 3397 is titled “An Act Providing Incentives to the Manufacturer, Sale and Importation of Hybrid Vehicles, encourages public support for the development of the hybrid car industry in line with the government’s Alternative Fuels program”.
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Toyota Motor Philippines revealed that the price of the local variant of the Prius will cost a whopping P2.5 Million due to importation taxes.
The Prius is called a hybrid vehicle because it uses both a 1.8L gasoline engine and a nickel-metal hydride battery powered electric motor to propel the vehicle. When the batteries are fully charged it switches to the electric motor resulting in savings in gasoline.
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Toyota Motor Philippines (TMP) announced that they will begin importing their hybrid car, the Prius, next week. The selling price has yet to be determined but it currently retails for $22,000. Add some import taxes to that and the price could balloon further.
TMP has stated that the government needs to give incentives to hybrid importers and manufacturers in order to propagate the use of the low gasoline consumption vehicle. Recently the Department of Finance objected to the idea of granting additional perks to importers and manufacturers of hybrid vehicles stated in House Bill 2084.
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The Department of Finance (DOF) has objected to provisions in House Bill 2084 which grants tax incentives to manufacturers of hybrid vehicles. This is different from the perks already given to them by the Board of Investments (BOI) and the Department of Trade and Industry (DTI).
The HB 2084 gives exemptions from the payment of import duties, customs and tariff duties, excise, value-added and ad valorem taxes for those engaged in the manufacture or import of hybrid buses, including their parts and components.
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Here’s some good news from Toyota Motor Philippines. Toyota Motor Corp of Japan approved the sale of their Toyota Prius in the Philippines by their local unit. The Prius is a Hybrid car developed by Toyota which runs on alternating gasoline and electric power to conserve energy and reduce emissions.
The price for the hybrid however has not been determined. Speaking of hybrids, I wonder what ever became of the Philippine Hybrid Car bill which will give incentives to importers of hybrid cars.
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The 3rd generation Toyota Prius that was unveiled in the Detroit Auto Show has a 50 MPG mileage rating and a whopping 1,000 patents attached to it. The previous version of the hybrid had a 46 MPG mileage rating and only 670 patents filed for its design.
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