This was disclosed over the weekend by Trade and Industry Secretary Manuel Roxas II who explained that the planned reduction of tariff on motor vehicle spare and replacement parts is in response to Malacañang’s instruction to find ways to provide assistance to the transport sector in view of increasing prices of petroleum proudcts and spare parts.
According to Roxas, the draft EO would reduce the tariffs on 32 items of motor vehicle spare parts.
The EO would also transfer the authority to issue a certificate of authority to import from the Board of Investments (BOI) to the Bureau of Import Services (BIS).
The DTI had also endorsed another draft EO which would grant export incentives of preferential tariff rates to automotive companies participating in the auto export program of the government.
The government is planning to give an export incenctive amounting to $400 per each completely built-up (CBU) unit exported by local automotive firms provided that the participating firm meets a minimum export volume. – Marianne Go