President Ferdinand Marcos Jr. has agreed to temporarily remove the tariff on imported EVs and lower the tax rate on their parts and components to promote usage and help cut the country’s dependence on imported fuel. /PDI
“In particular, the EO will temporarily reduce the most-favored nation tariff rates to zero percent for five years on completely built-up, or CBU, units of some EVs, except for hybrid-type EVs,” he said.
The EO, according to Balisacan, would help broaden the list of countries that can supply EVs to the Philippines and encourage consumers to shift to electric-run vehicles and promote the growth of the domestic industry.“We want to encourage the adoption, the use of e-vehicles because that will address pollution issues and, of course, adaptations to climate change; and we believe that’s the future.
E-vehicle producers that would set up shop in the country and other auxiliary businesses related to EVs could also avail themselves of other tax incentives and fiscal perks from the Department of Trade and Industry, according to Balisacan.The EV manufacturing industry has been included in the government’s Strategic Investment Priority Plan, which means manufacturers can get fiscal incentives, such as income tax holiday of up to seven years.
Asked if the government would not lose money from the tariff reduction, Balisacan replied: “No, because we have really been reducing the tariffs for those vehicles that are not actually yet locally produced. And as of now, the quantity of those [EVs] is not that big. We want to encourage the adoption of EVs that will eventually increase the demand for support systems like chargers. It can even develop value-adding services for our industry.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippines to cut tariffs on electric vehicles, partsMANILA, Philippines — The National Economic Development Authority (Neda) board, chaired by President Ferdinand Marcos Jr, on Thursday approved removing tariffs on electric vehicles (EVs) to spur
Read more »
PBBM, VP Sara best-performing gov’t officials — surveyPresident Ferdinand Marcos Jr. and Vice President Sara Duterte emerged as the best performing government officials with a 70 percent and 68 percent approval rating, respectively, a recent survey conducted by the RP-Mission and Development Foundat-- READ:
Read more »
Maria Ressa, Nobel laureate, launches in London her book ‘How to stand up to a dictator’Maria Ressa, a journalist of 36 years, is not able to keep any of her schedules (she is booked by the hour) because of the volume of people who want her autograph and a photo. Online in the Philippines, it was different.
Read more »
NEDA Board proposes tariff modification for electric vehiclesThe National Economic and Development Authority (NEDA) Board on Thursday proposed to President Ferdinand "Bongbong" Marcos Jr. an executive order that would modify the tariff rates of certain electric vehicles.
Read more »
Marcos meets with Vietnam’s legislative chair - BusinessWorld OnlinePHILIPPINE President Ferdinand R. Marcos, Jr. met on Wednesday with Vietnam National Assembly Chairman Vuong Dinh Hue in Malacañang, where they reaffirmed the two countries’ commitment to enhance ties.
Read more »
Bongbong Marcos ‘doesn’t want to travel,’ but envoy says it’s a must for leadersMANILA, Philippines — Although President Ferdinand "Bongbong" Marcos Jr. “does not want to travel,” it is a must for country leaders as diplomacy is conducted face-to-face,
Read more »