MANILA, Jan. 19 (Xinhua) -- The Philippines will cut import duty rates on electronic vehicles (EVs) and their parts to boost the EV market in the country, a presidential office statement said on Thursday.
In the statement, the Presidential Communications Office said President Ferdinand Romualdez Marcos had signed an executive order based on a suggestion from the government.
Last November, the National Economic and Development Authority (NEDA) suggested a temporary reduction of the most-favored-nation (MFN) tariff rates to zero percent for five years on Completely Built Up units of certain EVs, except for those hybrid-types.
The tariff on certain parts and components of EVs will also be modified from 5 percent to 1 percent in a five-year period.
The presidential office said this move will support the transition to emerging technologies and encourage consumers to consider EVs as a cleaner and greener transportation option.
According to official data, the transportation sector is one of the Southeast Asian country's most significant sources of air pollution and energy-related greenhouse gas emissions, which stand at 34 percent. ■
