Tax exemptions and free parking may drive more EVs in the Philippines after new electric car bill turns into a law.
The law has encouraged car companies to offer more hybrid vehicles. Based on the recent official figures from the Chamber of Automotive Manufacturers of the Philippines , as of end of June 2022, there are already 1,013 total xEVs sold in the market, surpassing the 2021 total volume of 843 and 2020’s 378. A total of 962 of the 2022 year-to-date sales are Toyota and Lexus models.
The lapsing of the bill into the EVIDA law came at a no better time. In early May, fuel prices hit their highest prices yet, reaching up to P90 per liter. Averaging about P75 for gasoline and P78 per liter until late July, the prices are steadying to about P62 per liter. EVIDA also mandates the Philippine Board of Investments to devise an Electric Vehicle Incentive Strategy similar to the Comprehensive Automotive Resurgence Strategy Program , which the DTI earlier said would provide P27 billion in incentives.