During our silent break back in July, the Bureau of Internal Revenue made a stern announcement that shook the nation’s pickup truck market. The Capital Markets Efficiency Promotion Act (CMEPA) has eliminated tax exemptions in this sector, raising its prices to 20%.

Since 2018, pickup trucks have been excluded from the Tax Reform for Acceleration and Inclusion (TRAIN) law in favor of the local business and agricultural sector. As time went on, manufacturers began releasing more trucks and even marketing campaigns to cater to the lifestyle crowd.

The new CMEPA states that vehicles within the P1- to P4-million threshold—the usual range for midsize pickup trucks—are subject to a 20% tax rate. However, the tax rates of hybrid models are still halved, while those of electric vehicles remain exempt.

As a result, the current passenger truck market has been a frenzy of price changes and notices from manufacturers. Which leaves us a question to the buying public: How has this change affected your purchase of pickups in the last few months?