Honda Cars Philippines Incorporated announced the official price rates of different car models for this year on their official website last January 3.
On New Year’s Day, the Tax Reform for Acceleration and Inclusion (TRAIN) was implemented. The TRAIN law allows employees who earn less than P250,000 annually to a bigger take-home pay.
However, due to reduced taxes, the government needs to make up for loss of revenue which is now being passed on some products and services, including vehicles.
Based on Honda’s price list, car models below the premium level will be more expensive, while the rates of luxury or premium level cars will either stay the same or will slightly be lowered.
For example, a Honda Jazz 1.5 V MT will have an increase worth Php48,000 and will now cost Php847,000.
While Honda Odyssey EX-V Navi CVT, a premium car model, costs P2.433 million after a decrease worth Php12,000.
Many netizens, especially those who were planning on purchasing a car this year, have expressed their dismay towards the hike of car prices in the Philippines.
See their reactions here:
Are you planning on buying a car soon? What can you say about this TRAIN Law?