Philippines lifts tariffs on electric vehicles
Hanoi (VNA) - A Philippine inter-agency panel chaired by President
Ferdinand Marcos Jr has approved removing tariffs on electric vehicles (EVs) to
spur demand amid high fuel costs, according to foreign media.
The President will issue an executive order to cut the most
favoured nation tariff to 0% on EVs like passenger cars, buses, vans,
trucks, motorcycles, and bicycles, and their parts for five years. The current
import tax on EVs in the country is from 5% to 30%.
However, tariff rates on hybrid vehicles will not change.
According to Economic Planning Secretary Arsenio Balisacan,
the executive order aims to expand market sources and encourage consumers to
consider acquiring EVs, improve energy security by reducing dependence on
imported fuel, and promote the development of the domestic EV industry
ecosystem.
Consumers in the Philippines currently need 21,000 USD to 49,000 USD on an EV,
versus the 19,000 USD to 26,000 USD for conventional vehicles.
Data from the Philippine government show that among the more than 5 million
registered automotives in the Southeast Asian nation, only 9,000 are electric,
mostly passenger vehicles./.