Toyota RAV4, Alphard, Lexus HEVs get price cuts

Toyota Motor Philippines (TMP) has reduced the prices of its Hybrid Electric Vehicles (HEVs) following the newly signed Executive Order No. 62.

The models included in the price cuts include the RAV4, Alphard, and some Lexus models.

"Pursuant to the provisions of the newly signed Executive Order No. 62 (S.2024) of exempting Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) from import duty, Toyota Motor Philippines (TMP) is pleased to inform its customers of reduced Suggested Retail Prices (SRPs) for the Toyota RAV4, Alphard, and Lexus HEVs effective 20 July 2024," Toyota said in statement.

President Ferdinand Marcos Jr. issued EO 62 in June, modifying the import duty rates of various commodities to temper inflationary pressure and protect the purchasing power of Filipinos.

"The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos," the EO read.  

TMP, meanwhile, expressed its appreciation to the government for this step to promote more sustainable mobility options, which it said "aligns with Toyota and Lexus’ multiple pathway approach to carbon neutrality."  —VAL, GMA Integrated News