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Philippines to cut tariffs on electric vehicles, parts

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The National Economic Development Authority board, chaired by President Ferdinand Marcos Jr, approved removing tariffs on electric vehicles to spur demand amid high fuel costs. | DYGalvezINQ

In a Palace briefing, Economic Planning Secretary Arsenio Balisacan said the Neda Board had endorsed an executive order to modify the tariff rates on e-vehicles such as passenger cars, buses, mini-buses, vans, trucks, motorcycles, tricycles, scooters, bicycles, among others.The executive order , according to Balisacan, will cut to 0 percent the most favored nation tariff on EVs like passengers cars, buses, vans, trucks, motorcycles, and bicycles, and their parts for five years.

He added that tariffs on certain parts and components would also be reduced from 5 percent to 1 percent for five years.

 

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