DTI calls for immediate zero import duty for electric vehicles – Manila Bulletin

0

The Ministry of Trade and Industry is pushing for the immediate implementation of zero 30% import duty on electric vehicles (EVs) as part of solutions to reduce dependence on fossil fuels and at the same time time to promote a green environment.

DTI Secretary Ramon M. Lopez said at the Virtual Kapihan in Manila Bay that bringing the electric vehicle tariff to zero is an immediate solution that can be done to support his push in promoting electric vehicles and a part of the DTI’s preparations to counter the impact if the Russian war in Ukraine drags on.

Lopez argued that since EVs are expensive, adjusting the EV tariff could help lower the price and encourage more Filipinos to try EVs as an option that does not require the use of gasoline. or diesel. At the same time, it will help achieve a cleaner environment.

Although this can be done immediately, the DTI, Chairman of the Tariffs and Related Matters Committee, is also in discussion with the National Economic Development Authority.

According to Lopez, the EV tariff reduction is important because the approach is to first allow the import of EVs and the establishment of charging stations based on existing proposals and programs. The DTI plans to develop these two together.

Lopez, however, explained that the benefits of electric vehicles are not immediate, but that the impact could be felt around the second half of the year if there are already visible increases in the number of electric vehicles on the road.

Lopez expressed hope that the talks between the two countries will progress towards peace and that the war should be short-lived.

For now, he said, it’s still “status quo” for investors. In fact, Lopez said he met with a group of data center and digital infrastructure investors the other day. The trade chief, however, said if the war drags on it will affect investor confidence, turning “business as usual” into a “wait and see” attitude.

Lopez also hopes to meet more foreign investors at the U.S.-ASEAN summit, which is temporarily scheduled for March 28-29, where President Duterte has already hinted at his possible participation with other ASEAN leaders.

During the summit, Lopez expects to meet potential investors such as hyperscalers, digital infrastructure companies, and manufacturers of EV parts and components and batteries.

On food security, Lopez also urged diversifying wheat sources to include India, not just Canada, the United States and Australia. He said wheat prices have risen more than 60% even since last year. With the ongoing war, Ukraine and Russia, two of the largest wheat producers in the world, there would be more pressure on wheat prices globally.

SUBSCRIBE TO THE DAILY NEWSLETTER

CLICK HERE TO JOIN

Share.

About Author

Comments are closed.