The government’s plan to raise taxes on automobiles will probably cut demand for cars and dampen robust outlook for the next four years, BMI Research said.

The Duterte administration aims to increase the excise tax on automobiles from 2 percent to 5 percent for those priced below P600,000; while a 20-percent tax will be slapped on vehicles priced between P600,000 and P1.1 million, 40-percent for those priced between P1.1 million to P2.1 million, and 60-percent for those priced above P2.1 million

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