Prices reduced on select Toyota, all Lexus hybrid models in PH

Are you planning to buy a brand-new hybrid vehicle from Toyota or Lexus? Well here’s a sign for you as the two Japanese brands have just reduced the pricing of their electrified vehicle lineups for the Philippine market, effective July 20, 2024.

In a single statement posted on the two brands’ social media pages, the price reduction of select Toyota hybrid models and all Lexus hybrid models is attributed to the signing of Executive Order No. 62 by President Ferdinand ‘Bongbong’ Marcos Jr., which exempts hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV) from import duties.

Do note that only Japan-sourced models receive the price reductions as models sourced from Indonesia and Thailand have already been imported with zero duties. 

As such, for Toyota Motor Philippines, this means that only the Alphard and RAV4 receive the reduced SRPs which are as follows:

• Alphard 2.5 HEV CVT – Php 4,665,000 (-Php 420,000)
• RAV4 2.5 XLE HEV CVT – Php 2,046,000 (-Php 300,000)
• RAV4 2.5 LTD HEV CVT – Php 2,356,000 (-Php 340,000)

As for Lexus which sources all local units from Japan, all hybrid models benefit from the zero import duties with prices reduced by anywhere between Php 380,000 up to as much as Php 1.330-million. The new prices are as follows:

• IS300h Executive – Php 2,868,000 (-Php 400,000)
• IS300h Premier – Php 3,098,000 (-Php 430,000)
• ES300h – Php 3,498,000 (-Php 380,000)
• ES300h Luxury – Php 3,808,000 (-Php 450,000)
• LS500h Executive – Php 5,468,000 (-Php 1,370,000)
• LS500h Premier 5-seater – Php 9,038,000 (-Php 900,000)
• LS500h Premier 4-seater – Php 11,158,000 (-Php 1,090,000)

• LBX Cool – Php 2,558,000 (- Php 410,000)
• UX300h Premier – Php 2,938,000 (-Php 440,000)
• UX300h F Sport – Php 3,368,000 (-Php 500,000)
• NX350h Executive – Php 3,158,000 (-Php 430,000)
• NX350h Premier – Php 4,228,000 (-Php 590,000)
• RX350h Executive – Php 4,778,000 (-Php 490,000)
• RX350h Premier – Php 5,468,000 (-Php 950,000)
• RX500h F Sport Performance – Php 6,418,000 (-Php 490,000)
• LM350h 7-seater – Php 7,158,000 (-Php580,000)
• LM350h 5-seater – Php 10,718,000 (-Php 1,330,000)

The benefits just keep on coming don’t they? Hopefully other brands follow suit and reduce their prices as well. And with the aim of making hybrid ownership more enticing buyers with reduced prices, did the government’s move to remove import duties make hybrid vehicle ownership more attractive to you?