Energy Markets
Philippines extends no tariff policy on electric lorries, parts up until 2028
The Philippines has extended its notariff policy on electric vehicles and parts through 2028 in a quote to wean the country far from nonrenewable fuel sources and increase its EV market, a federal government economic committee stated on Thursday. The committee chaired by President Ferdinand Marcos Jr. also broadened the scope of preferential tax rates to include hybrid electrical cars, e-motorcycles and e-bicycles. Marcos initially approved in January 2023 cutting one of the most favoured nation tariff on EVs such as automobiles, vans and buses to 0%. Import tasks formerly ranged from 5% to 30%. The Philippine leader, whose term...