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MANILA - President Ferdinand R. Marcos Jr. has approved the temporary modification of tariff rates on imported electric vehicles (EV), parts and components, to boost the EV market in the country. Marcos on Jan. 13 inked Executive Order (EO) 12 after the National Economic and Development Authority (NEDA) Board on Nov. 24, 2022 endorsed the temporary reduction of the Most-Favored Nation (MFN) tariff rates on certain EVs and their parts and components for five years. Under EO 12, the MFN tariff rates on completely built up units of certain EVs such as passenger cars, buses, minibuses, vans, trucks, motorcycles, tricycles, scooters and bicycles would be temporarily reduced to zero for a five-year period. The EO, however, does not apply to hybrid-type EVs. The tariff rates on certain parts and components of EVs would also be lowered to 1 percent from 5 percent for five years, according to EO 12. The EO aims to support the transition to emerging technologies and encourage consumers to consid

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