FINANCE Secretary Ralph Recto said that the expansion of the coverage for an executive order which temporarily grants tax breaks over the importation of certain electric vehicles, parts, and components will greatly benefit the country.

Recto said that the National Economic and Development Authority Board’s decision that allowed the expansion of the electric vehicle incentive program under Executive Order (EO) 12 “will further enhance the ease of doing business in the Philippines, advance the country’s climate ambitions by promoting more sustainable investments, and generate more jobs in the area of green technology for 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. Ultimately, it will bring us closer to reaching our goal of reducing greenhouse gas emissions by 75% in 2030,” Recto said.

It will be recalled that on May 15, the NEDA Board, chaired by President Ferdinand Marcos Jr., had approved the expansion of tariff exemptions on electric vehicles.

This will include e-motorcycles, e-bicycles, nickel metal hydride accumulator batteries, e-tricycles, hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs) jeepneys or buses.

The tariffs on these articles shall be at 0% until 2028.