FILE PHOTO: Philippine's President Ferdinand Marcos Jr attends meeting with representatives of ASEAN Inter-Parliamentary Assembly (AIPA) during the ASEAN Summit in Phnom Penh, Cambodia November 10, 2022. REUTERS/Cindy Liu/File Photo
MANILA: 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.
Marcos will issue an executive order cutting to zero per cent the most favoured nation tariff on EVs like passengers cars, buses, vans, trucks, motorcycles, and bicycles, and their parts for five years.
Current import duties range from 5% to 30%.
“The executive order aims to expand market sources and encourage consumers to consider acquiring EVs,” said economic planning secretary Arsenio Balisacan.
— Reuters
