THE approved expanded electric vehicle incentive program is expected to attract more investors, improving the country's business environment, a Cabinet official said.'This strategic move puts the Philippines at the forefront of green technology, attracting more sustainable investments,' said Finance Secretary Ralph Recto.'It will spur the creation of high-quality jobs, foster innovation, and offer Filipinos more eco-friendly vehicle choices,' Recto added.
Recto said the Committee on Tariff and Related Matters will conduct annual reviews of the rates to ensure their relevance and fairness to affected sectors.This decision builds upon Executive Order 12, which initially removed tariffs on EVs and their parts for five years but did not include certain types of vehicles like e-jeepneys, e-buses, e-tricycles, and e-quadricycles.