Finance Secretary Ralph Recto has welcomed the expansion of coverage of an executive order that temporarily grants tax breaks on the importation of certain electric vehicles, parts, and components.
He added that the incentives are expected to attract more investors to establish operations in the Philippines, covering manufacturing, research and development, and infrastructure development in the EV industry. This influx of investment is anticipated to boost government revenues and create green jobs, further solidifying the Philippines' position as a leading manufacturing hub in Asia, according to Recto.
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