A new movement towards a greener mobility and fossil fuel-free environment is on the rise now that Republic Act (RA) 11697 also known as the Electric Vehicle Industry Development Act has lapsed into law last April 15, 2022. The EVIDA Law outlines the regulatory framework and provides a roadmap for E-Vehicle’s operation in the Philippines.
The Law is indeed a timely response to the increasing fuel rise in our country. A lot of vehicle companies are switching to electric vehicles. For one, Toyota has always been a step ahead for trends as they offer Hybrid Electric vehicles in their fleets. Hybrid vehicles are both powered by an engine and electric motor.
As part of the EVIDA Law, owners of E-vehicles as well as hybrid vehicles can now enjoy full exemption from coding. This nullifies the need to buy a second car. Thus, owners can enjoy priorities in parking from various establishments because of the designated parking allotted for e-vehicles.
Part of the EVIDA Law includes priorities in renewal and registration of the vehicle so owners need not worry about exhaustion to get in the long line for renewal and registration.
Also, under the Electric Vehicle Development Act Law, All Electric and Hybrid Vehicles will be issued a specialized EV license plate and will be entitled to tax exemptions. Full battery operated vehicles will be exempted from 100 percent excise tax while hybrid vehicles that operate both by fuel and battery will be given 50 percent of excise tax exemption under the TRAIN Law, also known as, Tax Reform for Acceleration and Inclusion Law.
The Law provides convenience for owners who’re getting either an Electric Vehicle or a Hybrid Vehicle. Owners will get to enjoy savings from fuel pump as well as the incentives on the long term run from excise tax exemptions. With the EVIDA Law on the roll, the Philippines will now venture into a greener environment and an economical upgrade for vehicles.
To know more about Toyota Hybrid Vehicles, visit our showroom or be in touch with our Marketing Professionals.