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Manila Bulletin devider Business devider Recto: Expanded EV incentives to boost business, climate, green jobs

Recto: Expanded EV incentives to boost business, climate, green jobs

Published May 22, 2024 04:45 am

The Department of Finance (DOF) raised the importance of expanding the electric vehicle (EV) incentive program to achieve the country's economic and environmental goals.

Finance Secretary Ralph Recto said that the EV incentive program, as outlined in Executive Order No. 12, is poised to improve the business environment and accelerate the nation's climate objectives.

Recto also pointed out that the EO, which has been approved by the National Economic and Development Authority Board, would pave the way for creating new green job opportunities for the Filipinos.

“This strategic move puts the Philippines at the forefront of green technology, attracting more sustainable investments. It will spur the creation of high-quality jobs, foster innovation, and offer Filipinos more eco-friendly vehicle choices,” Recto said.

“Ultimately, it will bring us closer to reaching our goal of reducing greenhouse gas emissions by 75 percent in 2030,” he added.

The expanded EV program, ratified last May 15, encompasses tariff exemptions for several electric vehicles including e-motorcycles, and e-bicycles, nickel metal hydride accumulator batteries.

It also covers e-tricycles, hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs) designed for jeepneys or buses.

These tariff exemptions will be imposted at zero percent until 2028, thereby making EVs more financially accessible and appealing to consumers across the country.

Moreover, the incentive program extends to cover EV parts and components, as well as completely knocked down (CKD) EVs, incentivizing potential stakeholders to contemplate the assembly or local manufacturing of EVs within Philippine shores. 

This strategic move is anticipated to fortify the manufacturing sector and catalyze the creation of sustainable employment opportunities within the nation.

This decision is in line with the government's commitment to attract increased investments in the EV sector, building upon earlier policy reforms such as the Electric Vehicle Industry Development Act (EVIDA) and the Tax Reform for Acceleration and Inclusion (TRAIN) Act. 

These policies provide tax incentives, exemptions from road congestion measures, priority registration and renewal privileges, and the issuance of special license plates tailored for EV owners.

With the aim of positioning the Philippines as a prime hub for EV manufacturing in the Asian region, the government's focus remains on nurturing a vibrant and sustainable EV ecosystem.

Related Tags

Electric vehicles Philippine EV incentive program Electric vehicle tax incentives
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