The country’s emerging electric vehicle industry may soon get another boost courtesy of a new executive order that recently gained the National Economic and Development Authority’s (NEDA) approval.
According to NEDA, it has approved an order to modify existing tariff rates for some types of electric vehicles and parts.
Specifically, the new order will modify the tariff rates for electric-powered passenger cars, trucks, buses, vans, motorcycles, scooters, and bicycles. It will reduce the Most Favored Nation (MFN) tariff rates for completely built-up (CBU) EVs to 0% for five years. Hybrid units, though, are not covered by these changes.
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The order will also cover certain parts and components of EVs, reducing the tariff rate for these products to just 1% for five years.
NEDA says that these tariff modifications will be reviewed one year from the start of implementation “to assess its impact on the development of the EV industry ecosystem.” This order has already been endorsed to President Ferdinand Marcos Jr.
“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,” a press release sent out by the agency reads.
Tell us, how long do you figure it will be before consumers begin to notice these changes’ impact on local EV prices? Would you consider buying one soon if these developments keep up?