60 months to pay: Toyota, Grab lure car buyers with perks

Jessica Fenol, ABS-CBN News

Posted at Dec 13 2018 11:56 AM | Updated as of Dec 13 2018 04:05 PM

Drivers participate as Transport Network Vehicle Service (TNVS) company Grab launches the Grab Drivers Academy at the Megatent in Quezon City, Tuesday, June 26, 2018. Jonathan Cellona, ABS-CBN News

MANILA – Toyota is dangling a basket of perks, including a 60-month payment term, for a bigger share of the ride-hailing market that serves millions of commuters in the Philippines' urban centers, an official said.

The world's largest automaker partnered with Grab Inc to offer drivers 10-percent down payment, maintenance options up to 80,000 kilometers, P5,000 in fuel cards, 15 percent off on battery and a free dashboard camera, said Ma. Cristina Fe Arevalo, Toyota Motor Philippines Corp first vice president for marketing.

"The ride-hailing business is really growing and of course, it is natural for the auto industry to become very interested to take a big role in that," she told ABS-CBN News.

The package will also make it easier for drivers to comply with the Land Transportation Franchising and Regulatory Board's requirement for ride-hailing vehicles to be replaced every 7 years, she said.

"It’s not as easy for Filipinos who enter into the Grab business. You really need support to acquire a new car I think this Toyota Grab package would support, would help them carry on their business. I think we’re offering something quite attractive," she said.

Toyota is making it easier to acquire vehicles for use in ride-hailing, as car-makers rebounded from a sales slowdown at the start of the year.

Auto sales fell 24.1 percent in July before recovering in the succeeding months, according to joint data from the Chamber of Automotive Manufacturers of the Philippines and the Truck Manufacturers Association.

Grab is the dominant ride-hailing service in the Philippines after it acquired rival Uber's Southeast Asian operations last May.

Currently, there are 65,000 transport network vehicle service (TNVS) accredited by the Land Transportation Franchising and Regulatory Board (LTFRB).

Raising the cap means more market for Toyota to tap, Arevalo said.