Select a Category
Dual Sport
Select a Brand/Model
        Price Range
        Below 100K
        Over 1M

        House panel favors tax incentives for PH bicycle manufacturers

        Will this help bring down bike prices?
        by Aris Ilagan Aug 23, 2021
        PHOTO: Aris Ilagan

        You may have noticed the spike in bicycle prices—of those imported or manufactured in the Philippines—by now. This is due to the strong demand from the fast-growing local bicycle community, especially after the government threw its full support behind alternative mobility to promote health and safety practices while we are still wrestling with the long-lasting effects of COVID-19.

        To help cope with the need for bikes and make it affordable for commuters at the same time, the House Committee on Ways and Means led by congressman Joey Salceda has approved a provision that offers tax breaks to bicycle manufacturers, stated in Sections 17 and 18 under a pending bill titled The Philippine Bicycle Act.

        Let’s be clear: The Philippine Bicycle Act is still under deliberation in its entirety. What the House panel signed off on are recommendations to grant tax incentives to foreign or local manufacturers of bikes, as mentioned under the National Internal Revenue Code.

        Continue reading below ↓

        The committee is still discussing provisions related to additional infrastructure, particularly bicycle lane policies, that would promote cycling as alternative transportation during these critical times.

        “This essentially would make the use of bicycles, which is being pushed, semantic to the (efforts of the) DOF (Department of Finance) in applying for the three sources of funds,” says Salceda, referring to the Global Environmental Fund, Adaptation Fund, and Climate Impact Fund—all from the United Nations Fund for Climate Changeto offset the proposed tax break.

        Continue reading below ↓
        Recommended Videos

        “The DOF is almost being instructed by this bill to make bicycles as part of the bankable projects under these three funds by the United Nations programs for climate change,” the Albay representative reiterated.

        Aside from meeting the huge demand for bicycles, this provision will also help generate job opportunities for Filipinos. Do you think this will really help bring down bike prices in the country?

        Continue reading below ↓

        See Also

        Top Bikes Philippines is now on Quento! Click here to download the app and enjoy more articles and videos from Top Bikes Philippines and your favorite websites.

        PHOTO: Aris Ilagan

      • Quiz Results

      • TopBikes Rating:

        Starts at ₱

        TopBikes Rating:
        Starts at ₱