MANILA, Philippines - The local distributor of Hyundai vehicles is plans to launch hybrid cars in the country within two years.
“We may launch hybrid vehicles in one to two years,â€Hyundai Asia Resources Inc. president and chief executive officer Fe Perez-Agudo told reporters yesterday.
She said it may take one to two years for the launch of the vehicles as they have to prepare for it.
She said the firm is focused on catering to the demand of the mass market first.
The plan to launch hybrid vehicles comes as the Senate approved on third and final reading last week Senate Bill (SB) 2856 or the Alternative Fuel Vehicles Incentives Act.
Under the proposed measure, importers, manufacturers and sellers of alternative fuel vehicles such as electric-powered cars and hybrid cars, would be given tax breaks.
Firms that would import, manufacture or sell of alternative fuel vehicles would be exempt from the payment of excise tax and value-added tax for nine years.
The move would result in lower prices and wider access of clean and green vehicles.
SB 2856’s counterp art measure was passed by the House of Representatives earlier.
“If this (proposed measure) is implemented, it can help reduce carbon footprint and help consumers with having fuel efficient vehicles,†she said.