Electric vehicles make us less vulnerable to fuel price hikes

 

By Rose de la Cruz

 

Rep. Carlos Roman Uybarreta of 1st Consumer Alliance for Rural Energy Inc. said that for the long-term modernizing public transport systems with electric vehicles will make the country less vulnerable to rising fuel prices abroad.

 

This is one lesson we can derive from our current struggles with rising fuel prices, he said.

 

He said the new Tax Reform for Acceleration and Inclusion (TRAIN) Law gives preferential tax treatment on electric vehicles. 

 

Section 45 of RA 10963 exempts purely electric vehicles from excise taxes while hybrid vehicles get just a 50 percent rate based on the excise tax on purely fuel-powered vehicles.

 

That leaves us with just the peso-dollar exchange rate as the variable to watch because peso depreciation or having a weak peso makes electricity and imported items like electric vehicles expensive he said.

 

The electric vehicle sector would simply need from the Bangko Sentral ng Pilipinas the assurance of long-term predictability and stability as to foreign exchange rate policy.

 

Rising fuel prices make the modernization of public utility vehicles all the more urgent because it will, overall, be advantageous to the jeepney and bus drivers for the simple reason that they will be much less affected by fuel price increases.

 

 

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