Toyota Philippines to Raise Price of Innova on Higher Costs

Toyota Motor Philippines (TMP), the country’s largest automobile distributor, said the price of Innova may go up as a result of higher operational cost because the income tax holiday (ITH) being given by the government expired last March.

In an interview, TMP vice president Rommel Gutierrez said they have already asked the Board of Investments (BOI) for an extension of their four-year ITH to six years.

Gutierrez said that initially, BOI classified Innova as a non pioneer project. But given that it is an Asian vehicle, Gutierrez said that it can be re-classified as a pioneering project. Under the law, pioneer projects are given six years ITH, he said. Read more

Lifan Enters RP Car Market with Confidence

An automotive manufacturing company with heavy presence in Latin America and Europe is ready to take the Philippine market by storm with the introduction of new passenger car models that are sure to capture the interest of the picky Filipino car buyers.

For 2009, Lifan Cars will introduce to the Filipino car enthusiasts its LF520 mid-sized sedan.

The LF520 enjoys great demand in major markets. The car model has been exported to over 50 countries, including Russia, Vietnam, Iran, Chile and Venezuela, according to Nelson Ong, Lifan Cars president. Read more

British Research Firm Bullish on RP Vehicle Mart

PHILIPPINE auto sales may grow at a rate that is higher than what the local industry expects, according to a new study by the Business Monitor International Ltd.

The study also indicated that the relatively unserved market segments would boost growth prospects for 2009.

The London-based market research firm said sales could grow by 8 percent, to more than 127,000 units. The projected growth rate, however, is lower than the 18.3 percent posted in 2007.

The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said they were expecting to sell only 125,000 units this year, or a growth rate of 6 percent. Read more