MANILA, Philippines - The Board of Investments (BOI) on Thursday said it will be extending non-fiscal incentives to those in the automotive industry that will help replace 10-year-old vehicles still being used on the roads.
BOI Executive Director Lucita Reyes said the BOI plans to push for a ban on the use of vehicles 10 years old and above and swap them with new and fuel-efficient units.
This is being put in place to encourage assemblers to focus on fuel-efficient and lower-priced vehicles, Reyes said. Moreover, the move is expected to increase car sales.
Reyes said data from the Land Transportation Office showed that of the 3.1 million vehicles currently on the road, bulk or 1.7 million of these are old vehicles.
The BOI is currently finalizing a new automotive policy seen to be released within the next two months, Reyes said.