Senator Proposes Perks for Hydrid Vehicles
Senate Majority Leader Juan Miguel Zubiri proposed Tuesday a measure seeking to provide incentives to the manufacture, sale and importation of hybrid vehicles in the country.
Senate Bill No. 3397, or 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.
Zubiri noted that government launched the program in an effort to reduce the country’s dependence on imported oil, and to provide cheaper and a more environment-friendly alternative to fossil fuel.
“With the continuing rise of fuel cost and the imminent decline of extractable world oil deposits, the demand for alternative transportations is expanding,” Zubiri said.
“Hybrid vehicles not only provide better fuel economy that result in added savings for consumers, but also offer lower greenhouse gasses emissions,” he added.
SB 3397 proposes that any individual, business partnership or corporation engaged in the manufacture sale or importation of fuel-saving hybrid cars, including its parts, be exempted from import duties, Customs, tariff duties, and excise, value added tax and ad valorem taxes.
It also seeks the creation of an inter-agency council that will regulate and control the grant of tax exemptions to the manufacturers, sellers or distributors and importers of hybrid cars based on the conditions and regulations which the council will later set up.
The inter-agency council will include officials or representatives of the secretary of finance which will act as the council chairman; secretaries of energy, science and technology, and trade and industry; and the Customs commissioner as members.
The grant of tax exemptions will undergo periodic review by the council or every five years from the date the law takes effect.
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Wow! A very nice Bill by Sen. Zubiri. If this Bill takes effect, this just means one thing: price decrease on hybrid vehicles. Because of this, more people will be able to buy a hybrid car thus help decrease damage to the environment brought about by burning fossil fuels.
Senator Proposes Perks for Hydrid Vehicles
Hydrid or Hybrid??
Incentives should be targeted to hybrid and alternative fuel public transport vehicles like buses, micro-buses, taxis and trucks. Other wise, this will be just another subsidy to more affluent people who can afford to buy a car in the first place.