Marcos okays tariff cuts for e-vehicles, parts

More electric vehicles, such as this 30-seater Comet minibus, recharging at a station in this file photo taken on March 29, are expected to come once the tariff cuts take effect. - PDI

MANILA (Philippine Daily Inquirer/Asia News Network): President Ferdinand Marcos Jr. has agreed to temporarily remove the tariff on imported electric vehicles (EVs) and lower the tax rate on their parts and components to promote usage and help cut the country’s dependence on imported fuel, Socioeconomic Planning Secretary Arsenio Balisacan said on Thursday (Nov 24).

An executive order to implement the tariff modification as approved by the National Economic and Development Authority (Neda) Board, which is chaired by the President, is now awaiting Marcos’ signature, Balisacan said at a Palace briefing.