NEDA Board approves e-vehicle EO, PPP rules

THE National Economic and Development Authority (NEDA) Board has approved an executive order (EO) modifying tariffs on electric vehicles (EVs) along with guidelines on the processing of public-private partnership (PPP) proposals, the agency announced on Thursday.

“In its first meeting under the administration of President Ferdinand Marcos Jr., the NEDA Board endorsed the EO modifying tariff rates on certain EVs such as passenger cars, buses, minibuses, vans, trucks, motorcycles, tricycles, scooters and bicycles, among others, including EV parts and components,” the NEDA said.

The EO will temporarily reduce most favored nation tariff rates on completely built up EV units, except for hybridtype vehicles, to zero percent for five years. Tariffs on certain parts and components of EVs will also be cut to 1 percent from 5 percent for five years, to be reviewed after one year of implementation.

“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,” the NEDA said.

The approved NEDA guidelines on processing PPP proposals, meanwhile, aim to harmonize NEDA Board and the Investment Coordination Committee (ICC) reviews and approvals, including the preparation and submission by government agencies of projects with the joint evaluation of the NEDA Secretariat, PPP Center and the Department of Finance.

The guidelines, issued pursuant to Section 2.10 of the Revised

and the peso had gained “after the latest Fed minutes signaled [a] smaller Fed rate hike of +0.50 on December 14, 2022 that led to lower US dollar vs major global currencies; better net foreign portfolio/hot money data”; Finance Secretary Benjamin Diokno’s confirmation by the Commission on Appointments; Senate approval of the 2023 national budget; and a further easing in global crude oil prices.

The exchange rate, he added, “remains relatively stable/stronger for the ninth straight week already, further below the 59.00 record high/ psychological mark; now at 56.78, the strongest for the peso in more than two months...”

The currency opened at P56.88 and traded as low as P56.68. Total volume for the session was $868.5 million, higher than Wednesday’s $687.85 million.

All sectoral indices, except industrial and property, meanwhile, ended the day in the green.

Nearly 664 million shares worth P5.88 billion were transacted

Advancers lost out to decliners, 87 to 94, while 49 were unchanged.

THE TIMES