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Philippines to cut tariffs on electric vehicles, parts

Thursday, November 24, 2022
Philippines to cut tariffs on electric vehicles, parts © Reuters. FILE PHOTO: Philippine's President Ferdinand Marcos Jr attends meeting with representatives of ASEAN Inter-Parliamentary Assembly (AIPA) during the ASEAN Summit in Phnom Penh, Cambodia November 10, 2022. REUTERS/Cindy Liu/File Photo

MANILA (Reuters) - 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 favoured nation tariff on EVs like passengers 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 security by reducing dependence on imported fuel, and promote the growth of the domestic EV industry ecosystem," Economic Planning Secretary Arsenio Balisacan told a news conference.

Consumers in the Philippines currently need to shell out $21,000 to $49,000 for an EV, versus the $19,000 to $26,000 price for conventional vehicles.

Tariff rates on hybrid vehicles will not change.

Of the country's more than five million registered automotives, only 9,000 are electric, mostly passenger vehicles, government data show. Personal EVs account for just 1% of the market, and are mostly owned by the extremely wealthy, data from the United States' International Trade Administration show.

The Southeast Asian nation's automotive sector relies mostly on imported fuel. It also buys oil and coal abroad for its energy generation needs, making it vulnerable to price volatility.

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26-11-2022 19:45:31 (UTC+7)

EUR/USD

1.0402

-0.0006 (-0.06%)

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EUR/USD

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GBP/USD

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USD/JPY

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Copper Futures

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Crude Oil WTI Futures

76.55

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US Coffee C Futures

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Sell (9)

Euro Stoxx 50

3,962.41

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17,573.58

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US Small Cap 2000

1,869.19

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IBEX 35

8,416.60

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BASF SE NA O.N.

49.605

-0.280 (-0.56%)

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Bayer AG NA

55.45

-0.06 (-0.11%)

Summary

Sell

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Allianz SE VNA O.N.

205.35

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↑ Buy

Moving Avg:

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Adidas AG

123.98

-2.68 (-2.12%)

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Buy (6)

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Buy (1)

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Deutsche Lufthansa AG

7.567

+0.036 (+0.48%)

Summary

↑ Sell

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Buy (1)

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Siemens AG Class N

132.06

+1.10 (+0.84%)

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10.390

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Summary

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 EUR/USD1.0402Neutral
 GBP/USD1.2095↑ Buy
 USD/JPY139.12Neutral
 AUD/USD0.6751Neutral
 USD/CAD1.3377Sell
 EUR/JPY144.66↑ Sell
 EUR/CHF0.9835Neutral
 Gold1,755.00Sell
 Silver21.480↑ Buy
 Copper3.6175↑ Buy
 Crude Oil WTI76.55Buy
 Brent Oil83.91↑ Sell
 Natural Gas6.802↑ Sell
 US Coffee C164.40↑ Sell
 Euro Stoxx 503,962.41↑ Buy
 S&P 5004,026.12Neutral
 DAX14,541.38↑ Buy
 FTSE 1007,486.67↑ Buy
 Hang Seng17,573.58Neutral
 Small Cap 20001,869.19↑ Buy
 IBEX 358,416.60Sell
 BASF49.605Neutral
 Bayer55.45Sell
 Allianz205.35↑ Buy
 Adidas123.98Neutral
 Lufthansa7.567↑ Sell
 Siemens AG132.06↑ Buy
 Deutsche Bank AG10.390↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,660/ 6,730
(0/ 0) # 1,488
SJC HCM6,660/ 6,760
(-10/ -10) # 1,510
SJC Hanoi6,660/ 6,762
(-10/ -10) # 1,512
SJC Danang6,660/ 6,762
(-10/ -10) # 1,512
SJC Nhatrang6,660/ 6,762
(-10/ -10) # 1,512
SJC Cantho6,660/ 6,762
(-10/ -10) # 1,512
Cập nhật 26-11-2022 19:45:33
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JPY173,58183,74
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Cập nhật lúc 18:00:47 26/11/2022
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