Philippines to Remove Tariffs on Electric Vehicles And Their Parts
A Philippine inter-agency panel chaired by President Ferdinand Marcos Jr on Thursday approved removing tariffs on electric vehicles (EVs) to spur demand amid high fuel costs.Marcos will issue an executive order cutting to 0% the most favored nation tariff on EVs like passenger 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, improve energy…