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Auto Industry Seeks Lower Car 55 BUSINESS Auto industry seeks lower car tax The local automotive industry submitted a proposal to the Congress that seeks to adjust the excise tax in automobiles to 7 tiers from the previously 4 tiers released by the Department of Finance (DOF). art of the proposed comprehensive tax reform program of the Duterte administration is the restructuring of Pthe excise tax on automobiles, thereby making the purchase of new vehicles in 2018 more expensive (see October 2016 Analyst article: Higher car tax proposed). The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Association of Vehicle Importers and Distributors (AVID), 2 of the largest representatives of the leading automakers and importers in the Philippines, recently requested the government to reconsider this, citing that the local automotive industry would likely face short- to long- term risks. “The industry will not be able to bear the resulting burden without having to pass on to consumers and therefore suffer from significant market loss,” the 2 associations said. Based on their joint paper submitted to the Congress, CAMPI and AVID offered to increase the tier system from 4 to 7 (see table on Proposed tax reforms on automotive). By adjusting the tier system, be 4%, the net effect on sales price is not 4% but just 2%. With it considers the segmentation of vehicular units, which then lowers amortization, buyers won’t really feel it. It would be like adding the excise tax rates and ceiling in each bracket. In addition to this, another P100 monthly, basically just like one Uber ride,” Sec. the 2 associations also asked that they be provided a lead time of Lopez claimed. In fact, in a study published by the National Tax at least 6 months before the government implements the new tax Research Center, it noted that “the Philippines imposes the lowest schedule “to enable the industry to make necessary adjustments.” minimum rate of 2% on taxable motor vehicles compared with 5 or CAMPI president Romel Guiterrez earlier expressed 10% in minimum tax rate in other (ASEAN) member countries.” his concern on DOF’s proposal due to its potential negative Meanwhile, according to DOF Secretary Carlos Dominguez impact on the Comprehensive Automotive Resurgence III, the local automotive industry’s growth rate would still Strategy (CARS) program, which intends to develop the continue to flourish despite the proposed adjustments. Buyers country as a regional manufacturing hub for automobiles. would not be discouraged due to the increase in their take-home DOF Undersecretary Karl Kendrick Chua said that he will pay as a result of lower personal income taxes. “In summary, have to look on the new proposal, given that “there is no revenue once we have seen and taken this excise on automobiles as estimate on (its) impact.” Department of Trade and Industry (DTI) a package together with the personal income tax, once we Secretary Ramon Lopez, however, rejects the proposal because consider that there are also many other factors that affect the net effect of the excise tax on the actual sales price would be decisions to buy cars, we see that this tax can actually be very much lower since the proposed rates are pegged on the import progressive, can be affordable and can actually contribute to price. “If the lowest tax rate on vehicles say under P600,000 would the [prosperity of our country],” Sec. Dominguez explained. Philippine ANALYST BUSINESS March 2017 56 BUSINESS PROPOSED TAX REFORM ON AUTOMOTIVES OVER UP TO CURRENT DOF’S PROPOSAL CAMPI AND AVID’S PROPOSAL 0 P600,000 2% 4% 3% P600,000 P1,100,000 P12,000 + 20% in excess of P600,000 P24,000 + 40% in excess of P600,000 P18,000 + 30% in excess of P600,000 P168,000 + 40% in exces P1,100,000 P1,600,000 s of P1,100,000 P112,000 + 40% in excess P224,000 + 100% in excess of P1,100,000 of P1,100,000 P386,000 + 50% in excess P1,600,000 P2,100,000 of P1,600,000 P618,000 + 80% in exces P2,100,000 P2,600,000 s of P2,100,000 P512,000 + 60% in excess P1,224,000 + 200% in excess P1,018,000 + 80% in excess P2,600,000 P3,100,000 of P2,100,000 of P2,100,000 of P2,600,000 P1,418,000 + 90% in excess P3,100,000 Over of P3,100,000 Source: WBF Database. The local automotive industry is proposing to lower down the excise tax rates on automobiles by adjusting the tier system. The Duterte administration declares that the proposed adjustments on excise tax won’t hurt the local automotive industry. Finance Usec. Chua said the tax reform has been long overdue, especially since the local automotive industry has not experienced any changes in its tax structure over the last 10 years. PH 8th in ideal business environment for Among these 3, the country performed well on 2 areas women – women’s advancement outcomes, and knowledge assets and financial access. Although the country’s women business According to the Mastercard Index of Women Entrepreneurs ownership and supporting entrepreneurial conditions are not the most favorable, the local entrepreneurship setting is highly (MIWE) 2017, the Philippines emerged as one of the top stimulated with strong awareness of business opportunities and countries that provide an ideal business environment for high appreciation for the status of successful women entrepreneurs. women. The MasterCard also noted that “women entrepreneurs here (in the Philippines) are often driven by strong desires to succeed.” Based on the MIWE 2017, the Philippines, with an overall The country ranked 1st in women’s advancement outcomes index of 68.4, ranked 8th among 54 countries with an ideal with a top component score of 65.5. In terms of knowledge assets business environment for women. The MasterCard pointed out and financial access, the country was placed in the 10th spot, with a that along with Vietnam (ranked 19th), the country attained component score of 82.3. Meanwhile, in supporting entrepreneurial “surprise with higher than expected index scores” noting conditions, the Philippines only landed in the 34th spot (60.4). that these 2 countries are lower middle-income economies. Out of the 54 countries included in the report, New Zealand The MIWE 2017 measures “ideal business environment got the highest rank. This was followed by Canada, U.S., for women to prosper” among 54 countries based on 3 Sweden, and Singapore, Belgium, Australia, Philippines, components (see figure on MIWE 2017 Components): United Kingdom, and Thailand. (see table on Top 10 h Women’s advancement outcomes – women’s progress and Countries with an Ideal Business Environment for Women). degree of marginalization economically and professionally; The MIWE 2017 also found out that female entrepreneurship h Knowledge assets and financial access – access of women is often encouraged by necessity and perseverance, while progress to basic financial services, advanced knowledge assets, and in female business ownership was due to strong supporting support for small and medium enterprises; and conditions such as opportunities for career progression; h Supporting entrepreneurial conditions – overall perceptions access to financial services; and ease of doing business. on the ease of conducting business locally, quality of local According to MasterCard chief financial officer Martina governance, women’s perception of safety levels and cultural Hund-Mejean, “the prevalence of ambitious, resourceful perception of women’s household financial influence. Philippine ANALYST BUSINESS March 2017 57 BUSINESS MIWE 2017 Components Women's Knowledge Supporting Advancement Assets and Entrepreneurial Outcomes Financial Access Conditions Women Borrowing Women Business Ease of Doing or Saving for Leaders Business Business Cultural Women Women Financial Perceptions Professionals and Inclusion of Women Technical Workers Entrepreneurs Women Quality of Entrepreneurial Support for SMEs Governance Activity Rate Women Labor Women Tertiary Entrepreneurial Force Education Gross Supporting Participation Rate Enrollment Rate Factors Source: Mastercard Index of Women Entrepreneurs (MIWE) 2017 3 The Philippines ranked 8th among 54 countries with an ideal business environment for women. Philippine ANALYST BUSINESS March 2017 58 BUSINESS TOP TEN COUNTRIES WITH AN IDEAL BUSINESS ENVIRONMENT FOR WOMEN RANK COUNTRY SCORE 1 New Zealand 74.4 2 Canada 72.4 3 U.S. 69.9 4 Sweden 69.6 5 Singapore 69.5 6 Belgium 69.0 7 Australia 68.5 8 Philippines 68.4 9 United Kingdom 67.9 10 Thailand 67.5 Source: Mastercard Index of Women Entrepreneurs (MIWE) 2017 women should be regarded as a prime business opportunity.” The raise in MPO requirement intends “to make the local MasterCard International Markets president Ann Cairns also capital market be at par with other ASEAN countries” since added that “by enhancing access to critical networks, women Thailand, Singapore and Hong Kong have already raised their are better positioned to recognize their full potential and MPOs to 25%. This is in line with ASEAN’s goal to have a stronger accelerate more inclusive growth. It’s imperative that the regional capital market where investment opportunities would public and private sector work together to address cultural and be more available to the local public and also to fellow ASEAN organizational issues and further empower women leaders.” members. “Although the companies will have to accept that there will be dilution... eventually it will be good for them because there SEC to raise minimum public float will be more trading and, therefore, their market capitalization will increase,” First Metro Investment Corp. executive vice- The Securities and Exchange Commission (SEC) is planning president Justino Ocampo said. “A bigger public float helps the to raise the minimum public ownership (MPO) requirement stock price, so I think in the end it’s positive,” Mr.
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