The National Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos, Jr., approved several crucial measures in its sixteenth meeting on May 15.
One of measures includes the recommendations of the Committee on Tariff and Related Matters (CTRM) to maintain and expand the zero import duty on electric vehicles (EVs) and their components, according to a press statement from NEDA.
Under Executive Order No. 12 (s. 2023), the Most Favored Nation (MFN) rate on 34 battery electric vehicle tariff lines will remain at zero until 2028.
The order now extends to include e-motorcycles, e-bicycles, nickel metal hydride accumulators, and various other EVs, reducing their tariffs to zero until 2028.
“Executive Order No. 12 is designed to stimulate the electric vehicle market in the country, support the transition to emerging technologies, reduce our transport system’s reliance on fossil fuels, and reduce greenhouse gas emissions attributed to road transport. By encouraging consumers to adopt EVs, we are promoting a cleaner, more resilient, and more environmentally friendly transportation alternative,” according to Balisacan, who also serves as the vice chairperson of the NEDA Board.
President Marcos Jr. has directed the CTRM to conduct annual reviews to ensure the relevance and impact of these tariff modifications.
In addition to the tariff changes, the NEDA Board approved several significant projects aimed at enhancing the country’s infrastructure and social systems:
Facility for Accelerating Studies for Infrastructure (FAST-Infra)
The FAST-Infra project, with a budget of PhP 2.75 billion, aims to boost infrastructure development aligned with sustainable development goals. It will initially focus on the transportation sector, funding high-quality transportation master plans and developing a pipeline of major transportation projects to enhance national and regional connectivity.
Infrastructure for Safer and Resilient Schools (ISRS) Project
The ISRS Project addresses the recovery needs of schools affected by natural disasters between 2019 and 2023. Scheduled from 2024 to 2029, it involves repairing, rehabilitating, retrofitting, and reconstructing school facilities to benefit 13,101 classrooms across 1,282 schools, serving 741,038 students nationwide.
Support to Parcelization of Lands for Individual Titling (Project SPLIT)
The NEDA Board extended the implementation period and loan validity for Project SPLIT until December 31, 2027. This PhP 24.62 billion project, led by the Department of Agrarian Reform, aims to enhance land tenure security for agrarian reform beneficiaries. As of December 2023, 78,657 e-titles covering 105,691 hectares have been registered, with 54,698 e-titles covering 72,996 hectares distributed.
Light Rail Transit (LRT) Line 2 East Extension
The LRT Line 2 East Extension, completed in 2021, includes the Marikina and Antipolo stations. The NEDA Board approved an extension for project implementation to ensure full disbursement to contractors and maintain project quality until December 2024.
“This series of approvals by the NEDA Board marks a significant step towards the country’s social and economic transformation. As the nation moves forward, the decisions made today will play a crucial role in shaping a more prosperous and sustainable future for the Philippines,” Balisacan said.
