Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Gov’t told to help quicken adoption of electric vehicles

by
August 14, 2022
in Investing News
0
Gov’t told to help quicken adoption of electric vehicles
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter
ELECTRIC VEHICLE ASSOCIATION OF THE PHILIPPINES FACEBOOK PAGE

By Kyle Aristophere T. Atienza, Reporter

THE GOVERNMENT should help fast-track the adoption of electric vehicles (EV) in the Philippines by offering subsidies and tax breaks to users, analysts said at the weekend.

“Tax credits on income or value-added tax payments may be explored for purchasers of both new and used models to expedite EV adoption at all price levels,” Terry L. Ridon, a public investment analyst, said in a Facebook Messenger chat.

“The purpose of the subsidies is clear — to expedite EV adoption and contribute to reducing emissions in the long-term,” he added, noting that the government should prioritize making them more affordable.

“EVs can only truly contribute to the fight against climate change if the entire passenger car market shifts to EVs, and not limited to affluent car buyers only,” he said, adding that electric car prices should not be far from their gas-powered counterparts.

Earlier this year, former President Rodrigo R. Duterte signed a law that seeks to accelerate the shift to e-vehicles by requiring operators to use electric cars for at least 5% of their fleet.

Global leaders have been considering a shift to EVs as a solution to climate change, despite claims that battery-powered cars are bad for the environment.

In the US, there’s a push to give buyers of second-hand units tax credits, according to a report by the New York Times. Electric vehicles remain expensive for most Americans.

High prices are caused by shortages of batteries, raw materials such as lithium and semiconductor components, it said, noting that strong demand from rich buyers “means that carmakers have little incentive to sell cheaper models.”

For low- and middle-income people who don’t have their own garages or driveways, another obstacle is the lack of enough public facilities to recharge.

Mr. Ridon said the country needs more charging stations to make e-vehicles more appealing to consumers.

EVs would only become viable alternatives to combustion cars if they become more available and affordable and if the charging station infrastructure can be rolled out faster, he said.

The state can participate as a joint venture partner for these charging stations or allow government financial institutions to finance these together with the private sector, he added.

Electric cars would not significantly cut greenhouse gas emissions if charging stations rely on dirty energy, said George T. Barcelon, president of the Philippine Chamber of Commerce and Industry. 

Renewable energy for EV charging is critical, he said by telephone, adding that it would eliminate the strain on the national grid.

Transport expert Rene S. Santiago said the government should focus more on fast-tracking EV adoption in the public transport sector.

“It’s easier to put up charging stations at terminals and public routes than in private or commercial establishments,” he said by telephone.

Mr. Santiago said the focus on private vehicles has undermined the opportunity to transform public transportation, which could also ease traffic.

“Why do car owners deserve special treatment?” he asked. “Rolling out incentives for EV buyers and introducing more tax breaks for market players “means subsidizing the rich,” he added.

“The government should instead help the public transport sector in EV adoption.”

The Department of Trade and Industry has been proposing a zero tariff policy for EV imports from 30% now. The Electric Vehicle Association of the Philippines has said zero tariff for imported EVs would not make them significantly more competitive than internal combustion cars.

Under the EV law, the government will evaluate the manufacture and assembly of EVs, charging stations, batteries and parts and components  for possible perks.

Imports of completely built EVs are entitled to incentives under the Tax Reform for Acceleration and Inclusion Law.

The law also exempts the importation of completely built charging stations from duties for eight years.

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
Experts seek DoJ review of De Lima’s drug cases

Experts seek DoJ review of De Lima’s drug cases

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

MPTC unit expects up to 10% rise in CAVITEX vehicle count by Nov.

MPTC unit expects up to 10% rise in CAVITEX vehicle count by Nov.

August 1, 2022
Philippine para-chessers eye big moves in 11th ASEAN Para Games

Philippine para-chessers eye big moves in 11th ASEAN Para Games

July 28, 2022
Manalo to skip ASEAN meet after testing positive for COVID-19

Manalo to skip ASEAN meet after testing positive for COVID-19

August 1, 2022
May inflation likely surged past 5%

May inflation likely surged past 5%

June 5, 2022
Fast start your insurance business with AIA Philippines’ Next Gen Advisor Program

Fast start your insurance business with AIA Philippines’ Next Gen Advisor Program

June 3, 2022
National Chess Federation to hold Age Group Championships

National Chess Federation to hold Age Group Championships

July 18, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.