President Ferdinand R. Marcos Jr. is expected to sign an executive order (EO) that will cut tariff rates on imported electric vehicles (EV) and EV parts and components soon, Socioeconomic Planning …
President Ferdinand R. Marcos Jr. is expected to sign an executive order that will cut tariff rates on imported electric vehicles and EV parts and components soon, Socioeconomic Planning Secretary Arsenio Balisacan said.
Balisacan said the EO would also slash tariffs for EV parts and components from the current 5 percent to 1 percent.“The EO aims to expand market sources and encourage consumers to consider acquiring EVs, improve energy security by reducing dependence on imported fuel, and promote the growth of the domestic EV industry ecosystem,” he added.
“We will review the effects of this new policy after one year and we’ll see how we reconfigure the system by then,” Balisacan said. A commissioned study by Frost & Sullivan in 2021 showed that the Philippines is one of the countries in Southeast Asia with high readiness in adopting e-vehicles.
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