The National Economic and Development Authority board chaired by President Ferdinand Marcos Jr. approved on Thursday the executive order that will modify tariff on imported electric vehicles, parts and components.
The NEDA board, in its first meeting under the administration of President Marcos, endorsed the EO modifying tariff rates on EVs such aspassenger cars, buses, mini-buses, vans, trucks, motorcycles, tricycles, scooters and bicycles, including EV parts and components.
The EO will temporarily reduce the most favored nation tariff rates to zero percent for five years on completely built-up units of certain EVs, except for hybrid-type EVs. It will also implement tariff modification on parts and components of EVs from 5 percent to 1 percent for five years.
The NEDA board said the tariff modification would be reviewed after a year of implementation with a view to assessing its impact on the development of the EV industry ecosystem.
“The EO 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,” NEDA said.
The NEDA board also approved the guidelines on processing PPP proposals. The new procedures aim to harmonize the review and approval of the NEDA board and the ICC, including the preparation and submission of government agencies of PPP projects with the joint evaluation of the NEDA Secretariat, the PPP Center and the Department of Finance.
The guidelines also include the updated list of documentary requirements for solicited and unsolicited PPP proposals.
The issuance of the guidelines is pursuant to Section 2.10 of the revised 2022 implementing rules and regulations of the Build-Operate-Transfer law.
It also approved one new project funded through official development assistance and the changes on five ongoing projects.
The Philippine Fisheries and Coastal Resiliency project of the Department of Agriculture-Bureau of Fisheries and Aquatic Resources, costing P11.42 billion, aims to improve the management of fishery resources and enhance the value of production of fisheries in select Fisheries Management Areas.
Also approved was the request of the Department of Transportation for utilization of savings, change in scope and loan validity extension for the Maritime Safety Capability Improvement Project Phase I and its request for 19-month loan validity extension for the New Communications, Navigation, Surveillance/Air Traffic Management systems development project.
The NEDA board approved the request by the Department of Public Works and Highways to extend by 12 months both the implementation period and the validity of the loan for the Samar Pacific Coastal Road Project, and the request for change in scope of works, increase in cost and reallocation of contingency cost to civil works category for Integrated Disaster Risk Reduction and Climate Change Adaptation Measures in Low-Lying Areas of Pampanga Bay project.
It also approved the request for change in scope for the Philippine Competition Commission’s Capacity Building to Foster Competition Project.
