Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 507

Pope Francis rested well all night, Vatican says

MAZUR-CATHOLICNEWS.ORG.UK

VATICAN CITY — Pope Francis, who is in critical condition in hospital battling double pneumonia, rested well throughout the night, the Vatican said on Tuesday.

The 88-year-old pope was admitted to Rome’s Gemelli hospital on February 14.

“The pope rested well all night,” the Vatican said in a one-sentence statement.

On Monday, the Vatican said the pontiff’s condition remained critical but had shown a “slight improvement”, adding that the “mild kidney insufficiency,” first reported at the weekend, was not a cause for concern.

Double pneumonia is a serious infection that can inflame and scar both lungs, making it difficult to breathe. The Vatican has described the pope’s infection as “complex,” and said it was caused by two or more microorganisms.

Francis, who has been pope since 2013, has suffered bouts of ill health over the past two years. He is particularly prone to lung infections because he developed pleurisy as a young adult and had part of one lung removed.

Thousands of people gathered in St. Peter’s Square on Monday evening to pray for the pope’s recovery.

His friend, the Honduran cardinal Oscar Rodriguez Maradiaga, told La Repubblica newspaper: “I think…it’s not time for him to go to heaven yet.”

The pope signalled in early February that he had a bad cold, which meant he could not read out his speeches. Despite this, he continued to work, with multiple daily meetings and even taking part in open-air Masses, despite the chill.

Some well-wishers have said he should have taken better care of himself, but Maradiaga defended his work ethic.

“He is aware that he has a mission he must carry out, and nothing stops him. The pope explained that he did not accept his election (as pontiff) in order to rest,” he said.

In Monday’s statement, the Vatican said Francis had resumed working in his self-contained apartment within the Gemelli hospital, and had called the Catholic parish in Gaza, which the pope has done frequently during the Israel-Hamas war. — Reuters

Boomi launches API management solution ‘to conquer API chaos’

https://boomi.com/

Boomi has launched a comprehensive API Management (APIM) solution, which it says will help curb application programming interface (API) “sprawl” in organizations.

In a statement, Boomi said the new solution delivers cloud-scale APIM alongside integration and automation, data management, and artificial intelligence (AI) capabilities as part of the Boomi Enterprise Platform.

Boomi API Management is a flexible, holistic solution with support for Boomi and third-party API gateways. Powered by Boomi AI Agents, this helps enterprises “close security gaps, tackle API sprawl, and transform technology investments into a competitive advantage,” the company said.

According to IDC, organizations with GenAI-enhanced apps and services have around five times more APIs than those that have not yet invested in GenAI.

Without proper management, “API sprawl can overwhelm teams, create chaos, and introduce security risks for companies,” it added.

“APIs have become the backbone of AI-driven innovation, enabling seamless interaction between AI models, agents, and enterprise systems,” Shari Lava, senior research director, AI and Automation at IDC, said.

“Effective API management is no longer optional — it is critical for organizations to ensure security, scalability, and governance while reducing complexity and API sprawl. Without a robust APIM strategy, businesses risk losing control over their AI initiatives and missing out on their full transformative potential.”

Unlike API Management point solutions, Boomi API Management is part of the Boomi Enterprise Platform.

“APIs underpin the global digital economy and play a vital role in the AI Era — managing them effectively is crucial for success,” said Ed Macosky, Chief Product and Technology Officer, Boomi.

“Boomi API Management unlocks the full potential of APIs, accelerating growth and digital transformation. By uniting industry-leading integration, automation, and data management, Boomi sets a new standard for API management and AI innovation — helping organizations achieve business outcomes faster.” — CRAG

Global seafarer shortage underscores the need for more Filipino officers

Full Mission Bridge Simulator Room at MOL Magsaysay Maritime Academy | photo by Almira Louise S. Martinez

by Almira Louise S. Martinez, Reporter

The Magsaysay Group of Companies said more Filipino officers in the maritime industry are needed amid the global shortage of seafarers.   

“We all know that global shipping still needs a lot of seafarers, especially for officers,” Marlon R. Roño, president and chief executive officer of Magsaysay People Resource Corporation, told reporters on Tuesday.  

 “Some are even looking at some ways how to really increase that number,” he added. 

According to Migrant Workers Secretary Hans Leo Cacdac, 25% of the global maritime workforce is Filipino, making the Philippines one of the largest suppliers of ratings and officers in merchant ships.  

photo by Almira Louise S. Martinez

Approximately 600,000 Filipino seafarers are deployed in local and global maritime industries, the National Conciliation and Mediation Board (NCMB) said on its website. 

Due to the increasing demands, the Baltic and International Maritime Council (BIMCO) and the International Chamber of Shipping in the Seafarer Workforce Report predict an additional need for 89,510 officers by 2026 to operate the world merchant fleet.

A. Magsaysay Inc. President and Chief Executive Officer Doris M. Ho noted that one of the challenges in producing more Filipino officers is the 12-month cadetship on board.

“Seafarers go for ten months, then they still need to come home, take a vacation, and then go back again,” Ms. Ho told BusinessWorld. “They need two years to complete the graduation.” 

“We can actually get more people. It’s limited by the fact that this [part] is occupied by someone for one and a half years,” she added. 

Ms. Ho said that the Maritime Industry Authority (MARINA) is reviewing the cadetship and plans to make three months of cadetship ashore using simulators and laboratories. 

“If we can make live-based using simulator, laboratories, and then the nine months on board then they can graduate within one year.” 

“We need more officers [in] higher levels, and the only way to do that is to solve this bottleneck,” she added. 

Experts share Do’s and Don’ts of osteoporosis care

Osteoporosis, often called a silent disease, weakens bones and increases the risk of fractures, making it a leading cause of disability among the elderly. In the Philippines, millions are affected, particularly postmenopausal women, underscoring the need for proactive care.

During the Protest E-Series titled “Build New Bone,” held at the Westin Philippine Plaza in Pasig, bone health experts emphasized tailored treatments and preventive strategies to combat this condition. The event brought together leading bone health experts to discuss advances in osteoporosis care and strategies for improving public awareness. By focusing on key do’s and don’ts, experts highlighted how patients can effectively manage the disease and maintain a better quality of life.

According to bone health experts, managing osteoporosis begins with proper nutrition and an active lifestyle. Dr. Monica Cabral, a member of the Philippine College of Endocrinology, Diabetes and Metabolism Board of Trustees, stressed that ensuring adequate calcium and Vitamin D intake is vital. Whether through diet or supplements, these nutrients are the cornerstone of bone health. In addition to proper nutrition, weight-bearing exercises like walking or yoga not only strengthens bones but also reduces the risk of falls — a leading cause of fractures in individuals with osteoporosis.

However, as the disease progresses, lifestyle changes alone may not be enough to manage the condition. Dr. Cabral highlighted that the choice of treatment should depend on the severity of the condition. For severe osteoporosis, anabolic agents such as romosozumab or human parathyroid hormones such as teriparatide, are given to postmenopausal women with very high risk of fracture. “Of these agents, dual action medications that build bone and reduce bone breakdown may offer significant advantages for very high-risk patients,” Dr. Cabral explained.

Romosozumab injections are administered monthly for 12 months to boost bone density and reduce bone breakdown, while teriparatide is injected daily to boost bone density and typically prescribed for 24 months. To sustain these gains, transitioning to maintenance therapies like bisphosphonates (such as alendronate or zoledronic acid) or denosumab is critical. “Stopping therapy suddenly without a maintenance plan can lead to a loss of bone density and an increased risk of fractures,” Dr. Cabral warned, underscoring the importance of continuity in treatment.

Bone density should also be reassessed every one to four years, depending on the patient’s risk level. These checkups allow for early detection of changes and timely adjustments to treatment plans, ensuring patients stay on track for optimal outcomes. Beyond medication, addressing environmental factors is also crucial. Dr. Cabral urged patients to mitigate fall risks, such as slippery floors or insufficient home safety measures, which can cause life-altering fractures. “Medication is essential, but it must go hand in hand with preventative measures to truly protect patients,” she said.

Proactive care is especially critical for postmenopausal women and individuals with a family history of osteoporosis.

Early screening, Dr. Cabral stressed, is key to catching the disease before fractures occur. “Osteoporosis is often diagnosed only after a fracture, but it doesn’t have to be this way,” she emphasized, calling for a shift toward prevention.

Dr. Cabral concluded with a reminder that managing osteoporosis requires a multi-faceted approach. “This isn’t a one-size-fits-all condition. Patients must work closely with their healthcare providers to create a personalized plan that blends medical treatment with lifestyle changes,” she said.

With the right strategies and expert guidance, strengthening bones and reducing the risk of fractures is achievable.

By following these do’s and don’ts, patients can confidently take charge of their bone health and ensure a stronger, safer future. Make sure to always consult your doctor before making any changes to your treatment plan and don’t hesitate to seek professional advice tailored to your individual needs.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Crypto trading booms in India’s interiors as job growth and incomes disappoint

REUTERS

NAGPUR, India, Feb 25 (Reuters) – Like thousands of his countrymen in far-flung places, flower-shop owner Ashish Nagose has been learning about trading cryptocurrencies by attending classes every weekday for the past two months in his home city of Nagpur in western India.

Nagose has bought and sold stock options earlier but is now venturing into cryptocurrencies as regulators have made it harder to trade equity derivatives in India. The 28-year-old believes the red-hot crypto asset class can help shield his family-owned flower shop during downturns.

“I want to run my family shop, and hope that trading can provide a steady income when business slows down, like in the month after (the Hindu festival of) Diwali,” he said, seated at the storefront surrounded by bunches of red roses and orange marigolds.

Newfound crypto enthusiasts in India such as Nagose have helped grow cumulative trading volumes of bitcoin, ethereum, dogecoin and other cryptocurrencies on four of its largest exchanges more than two-fold quarter-on-quarter to $1.9 billion in the October-December quarter, according to data from aggregator CoinGecko.

Many young Indians are dabbling in crypto trading to supplement their regular income in the world’s most populous country where jobs and pay increases have laggedworld-beating economic growth. Nearly two-thirds of its 1.4 billion people are below the age of 35, according to a government report.

From stocks and derivatives, they are now gravitating towards crypto assets whose prices have soared after U.S. President Donald Trump’s election victory in November promised a looser regulatory regime for the asset.

“There is a lot of curiosity at the ground level … especially with Trump becoming the U.S. president and the entire flavour of crypto changing world over,” said Edul Patel, co-founder of Mudrex, an Indian crypto exchange.

Overall, India’s crypto market is expected to grow to more than $15 billion in 2035 from $2.5 billion last year at a compound annual growth rate of 18.5%, said Kush Wadhwa, partner at consulting firm Grant Thornton Bharat.

Retail traders have driven the bulk of the interest in the asset, according to exchange executives, even as ETFs and institutions have pushed up crypto prices globally.

Out of the top 10 centres that propelled crypto activity in India in 2024, seven were lower-tiered cities, such as Jaipur, Lucknow and Pune, according to CoinSwitch, one of India’s largest crypto platforms.

“Growth is now being driven by non-metro cities. That’s true for the stock world and it’s true for crypto,” said Balaji Srihari, vice president at CoinSwitch which has 20 million users.

The surging interest may challenge Indian authorities who have discouraged trading in cryptocurrencies by levying steep taxes and have warned against their risks and volatility.

But that has not stopped 25-year-old Sagar Neware, a Nagpur-based mechanical engineer, from spending his nights trading them.

“My father had to shut down his plastic packaging business a few years back so my first dream is to restart it with the money I can earn from trading,” said Neware, who earns 25,000 rupees ($288) a month from working at the local transport office.

To hone their crypto trading skills, Neware and about two dozen others gather at the Thoughts Magic Trading Academy in Nagpur each weekday.

Yash Jaiswal, an equity options trader who runs the classes in a shop room, says he has tutored about 1,500 people over the last two years.

“You’re just one trade away from your dream life,” says a poster on the wall of the classroom.

MACROECONOMIC RISK
Who has regulatory oversight of cryptocurrencies in India is unclear.

While the 30% tax it levies on crypto trading gains is among the most stringent globally, the country, unlike most G-20 nations, has neither introduced new norms to govern crypto, nor folded it under existing securities rules. It has also not imposed an outright ban on it.

Reuters reported last year that India’s market regulator has signaled it is open to oversight of crypto trade, but the government is still to take a view.

The central bank, though, has continued to warn against it.

“Widespread usage of crypto assets and stablecoins has consequences for macroeconomic and financial stability,” it said in its Financial Stability Report in December 2024.

India’s federal finance ministry, the central bank and the market regulator did not respond to emails seeking comment. — Reuters

Women now make up 43% of Britain’s top boardrooms, report says

FREEPIK

LONDON – Women make up about 43% of the boards of directors of Britain’s 350 biggest public companies, according to a government-backed report published on Tuesday that also said more work was needed to boost women’s representation in leadership roles.

In 2024, FTSE 350 companies had women on 43.4% of company boards compared with 40.2% a year earlier, while women held 35.3% of leadership roles versus 33.5% in the previous year, the FTSE Women Leaders Review report said.

For FTSE 100 companies, women’s representation on boards was 44.7% in 2024 while in senior leadership roles it was 36.6%. There was progress from a year ago on both counts.

Board positions can include non-executive positions that lack decision-making functions akin to the role of a CEO.

The report also showed that the number of women CEOs among FTSE 350 companies fell for the second consecutive year – from 21 in 2022 to 20 in 2023, and now to 19 in 2024.

Still, the government said overall progress was positive, given Britain’s voluntary, business-led approach to diversity.

In contrast to countries such as France and Belgium, Britain does not have a mandatory quota system for women on boards at publicly listed companies, but its rules say these firms should have at least 40% of female representation on their boards.

Almost three quarters of the FTSE 350 companies were meeting or exceeding the 40% target, the report said.

“The UK is leading the charge for gender equality in boardrooms, but we cannot rest on our laurels,” British finance minister Rachel Reeves, herself the first ever woman in the role, said in a statement.

“We must break down the barriers that stop many women being represented in decision-making roles, so that top talent reaches the highest levels of leadership in businesses driving economic growth across Britain,” she added.

Among Britain’s 50 biggest private companies, the proportion of women on boards of directors was less than at their public counterparts, at 31%, the report said. — Reuters

Trump says Canada, Mexico tariffs on schedule despite border, fentanyl efforts

REUTERS

WASHINGTON – President Donald Trump said on Monday that tariffs on Canadian and Mexican imports are “on time and on schedule” despite efforts by the countries to beef up border security and halt the flow of fentanyl into the U.S. ahead of a March 4 deadline.

“The tariffs are going forward on time, on schedule,” Mr. Trump told a joint news conference with French President Emmanuel Macron. He had been asked whether Canada and Mexico had done enough to avoid the punishing 25% U.S. duties.

Many had hoped the top two U.S. trading partners could persuade Trump’s administration to further delay tariffs that would apply to over $918 billion worth of U.S. imports from the two countries, from autos to energy. This could wreak havoc on the integrated North American economy, with the automotive sector hit particularly hard.

Mr. Trump did not specifically mention the March 4 deadline. He later referred to his desire for “reciprocal” tariffs to match the duty rates and offset the trade barriers of all countries, including France.

Mr. Trump and Mr. Macron did not publicly discuss another sticking point – digital services taxes imposed by France, Canada and other countries aimed at dominant U.S. tech giants including Google, Facebook and Amazon.

On Friday, Mr. Trump ordered his administration to revive tariff investigations into countries that levy digital service taxes on U.S. firms.

BORDER HOPES DIMMED
Canada and Mexico have taken steps to beef up border security, which bought them about a month’s reprieve from Mr. Trump’s earlier Feb. 1 deadline to impose the tariffs, based on a national emergency declaration.

Any further delay negotiated ahead of the deadline will keep the tariff threat in place at least until clear evidence emerges that Canadian and Mexican measures are working, said Dan Ujczo, a lawyer specializing in U.S.-Canada trade matters.

“There’s progress being made on the security front,” said Mr. Ujczo, senior counsel with Thompson Hine in Columbus, Ohio. “But it’s overly optimistic to think that those tariffs would be fully rescinded.”

The White House, U.S. Trade Representative’s office and Commerce Department did not respond to requests for comment on negotiations expected this week ahead of the March 4 deadline.

MORE TARIFF THREATS
Since Mr. Trump’s initial 25% tariff threat and imposition of a 10% duty on all Chinese imports, he has heaped on more tariff actions that could muddy the waters on border negotiations.

These include substantially raising tariffs on steel and aluminum to a flat 25%, rescinding longstanding exemptions for Canada and Mexico, the largest sources of U.S. imports of the metals. These steep increases, which also extend to hundreds of downstream steel products, are due to take effect a week after the border tariffs, on March 12.

Mr. Trump has also said he wants to impose 25% tariffs on imports of autos, pharmaceuticals and semiconductors, and to match duty rates and trade barriers of other countries.

The threatened tariffs could kick off an early launch of a renegotiation of the U.S.-Mexico-Canada agreement on trade that is due by 2026, Mr. Ujczo added.

Mr. Trump signed the USMCA into law in 2020 after renegotiating the 1994 North American Free Trade Agreement, but has increasingly expressed dissatisfaction with imports of autos from Mexico and Canada.

PROGRESS CITED
On Thursday, Mexican Economy Minister Marcelo Ebrard said on Thursday he had a “constructive dialogue” during a meeting with Trump’s top trade officials.

Mr. Ebrard said in a post on X that the “joint work” on U.S. trade matters starts on Monday.

Mexico has begun deploying as many as 10,000 national guard troops to its northern border, as part of the agreement that Mexican President Claudia Sheinbaum said also called on the U.S. to work to stop the flow of firearms into Mexico.

Canada this month created a new fentanyl czar to coordinate the fight against smuggling of the deadly opioid, appointing senior intelligence official Kevin Brosseau to the post.

Ottawa also has reclassified drug cartels as terrorist entities and has deployed drones, helicopters and other surveillance technologies on the vast northern U.S. border.

Canadian Prime Minister Justin Trudeau has kept in close contact with Trump on the border issues in recent days, including in a Saturday call that included discussions of joint efforts to curb fentanyl trade. He has threatened retaliatory tariffs on C$155 billion ($107 billion) of U.S. imports, including American beer, wine and bourbon and Florida orange juice, but said last week that Canada is “going to do the work” to ensure that tariffs are not imposed. — Reuters

German tax revenue rose by 8.9% in January, finance ministry says

REUTERS

BERLIN – Germany’s federal and state government tax revenue rose 8.9% in January from the previous year, the finance ministry said in its monthly report on Tuesday.

Total tax revenue reached 66.7 billion euros ($69.72 billion), according to the report.

Nevertheless, forward-looking economic indicators continue to reflect a difficult economic situation, the report said.

Europe’s ailing largest economy is under pressure after it contracted in 2024 for the second year in a row. Following Sunday’s election, the economy faces months of policy uncertainty until a coalition is formed, prolonging its current stagnation.

Two major economic institutes are already forecasting a third year of economic contraction in 2025, which would be the longest period of weakness in Germany’s post-war history.

For 2025, tax experts see tax revenue increasing to 893.8 billion euros, up 3.8% from the previous year, according to the report.

The opposition conservatives won the election, putting CDU leader Friedrich Merz – who has promised extensive tax cuts – on track to be the next chancellor.

Other parties have criticized the CDU, arguing that the party does not spell out how all its promised tax cuts would be financed.

The full CDU reform program would reduce state revenue by 97 billion euros per year, according to an Ifo study. — Reuters

US lawmakers take aim at China’s trade practices

REUTERS

WASHINGTON – A bipartisan group of lawmakers is introducing legislation on Monday to toughen U.S. trade enforcement laws and address the impact of Chinese-supported companies moving portions of their production to other countries to circumvent American duties.

Republican Senator Todd Young of Indiana and Democratic Senator Tina Smith of Minnesota are leading a group of more than dozen senators introducing the legislation.

The bill seeks to give the U.S. Commerce Department new tools to address concerns about China’s trade practices and its Belt and Road Initiative, a Chinese international infrastructure project aimed at boosting trade and connecting Asia, Europe and Africa.

“China has distorted the free market by dumping undervalued products and subsidizing industries, actions designed to harm American businesses and workers,” Mr. Young said in a statement.

A companion bill is being introduced in the U.S. House of Representatives.

“For too long, foreign competitors like China have engaged in unfair trade practices that have undermined domestic industry and threatened our national security,” Ms. Smith said.

The Chinese Embassy in Washington did not immediately comment.

The American Iron and Steel Institute praised the bill for “addressing the growing problem of cross-border subsidization where foreign governments subsidize industries, like steel, not only in their own countries but in other countries as well.”

The bill authorizes the Commerce Department to apply the countervailing duty law, which allows the government to target specific products from individual countries, to translational subsidies.

The legislation would also toughen antidumping rules, sets specific deadlines for anti-circumvention inquiries, ensures the law can be applied to currency manipulation and aims to address imports of goods like kitchen cabinets from China.

Two weeks ago, President Donald Trump substantially raised tariffs on steel and aluminum imports to a flat 25%. The tariffs are set to take effect on March 4.

Data showed U.S. aluminum smelters produced just 670,000 metric tons of the metal last year, down from 3.7 million in 2000. Steel imports accounted for about 23% of American steel consumption in 2023.

While China exports only tiny volumes of steel to the U.S., it is responsible for much of the world’s excess steel capacity, according to the U.S.

American steel companies say subsidized production in China forces other countries to export more and leads to Chinese steel being shipped through other countries into the U.S. to avoid tariffs and other trade restrictions. — Reuters

Be visible and work hard

Raygin Lights and Sounds, a provider of professional audio and lighting equipment based in Raon, Manila (formally known as Gonzalo Puyat Street), capitalizes on its online presence to grow its market.

Interview by Edg Adrian Eva
Video editing by Jayson Mariñas

Turning up the volume on market competition

Raygin Lights and Sounds was able to grow its business amid the stiff competition in Raon, Manila, by rethinking its brand strategy, according to its owner Raymond Go.

Interview by Edg Adrian Eva
Video editing by Jayson Mariñas

CAMPI bullish on EV sales this year

A Tesla electric vehicle is plugged to a charger in this file photo. — REUTERS

By Justine Irish D. Tabile, Reporter

THE CHAMBER of Automotive Manufacturers of the Philippines, Inc. (CAMPI) is expecting electrified vehicle (EV) sales to track the growth of total industry sales this year.

“The growth of EV sales is expected to track overall industry sales growth driven by increasing consumer adoption, supportive government policies, and entry of more players,” CAMPI President Rommel R. Gutierrez told reporters on Monday.

CAMPI projects total industry sales to reach 500,000 this year. If realized, this would represent a 7% year-on-year increase from the 467,252 units sold in 2024.

According to Mr. Gutierrez, EV sales reached 18,690 units, accounting for around 4% of the total sales last year.

Electrified vehicles refer to those that use electricity including battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles.

“EVs (will be) about 4% of the total industry sales by the end of the year,” he said.

If the industry sells 500,000 units this year, a 4% market share would mean sales of 20,000 EVs. If realized, this will be a 7% increase from the estimated 18,690 EV units sold in 2024.

A joint report by CAMPI and the Truck Manufacturers Association (TMA) showed that January car sales grew 10.4% to 37,604 from 34,060 in the same month last year.

In January, EV sales reached 1,600 units, consisting of 146 battery EVs, 1,445 hybrid EVs, and nine plug-in hybrid EVs.

Nissan Philippines, Inc. sold the most battery EVs in January, accounting for 92 units or 63% market share.

It was followed by Toyota Motor Philippines Corp. (TMP), which sold 19 units of battery EVs, and Jetour Auto. Phil., Inc., which sold 12 units.

For the hybrid EV category, TMP had the highest sales last month, accounting for 1,256 units or 86.92% market share.

It was followed by Honda Cars Philippines, Inc., which sold 97 hybrid EVs, and Hyundai Motor Philippines, Inc., which sold 33 units.

In the plug-in hybrid EV category, Coventry Motors Corp. (Jaguar and Land Rover) had the most sales in January, selling five units or 55.56% market share.

This was followed by United Asia Automotive Group, Inc. (Chery), which sold three plug-in hybrid EVs, and SMC Asia Cars Distributors Corp. (BMW), which sold a unit.

Mr. Gutierrez said the lower tariffs on EVs have helped bring down prices and increased sales.

Last year, President Ferdinand R. Marcos, Jr. signed Executive Order (EO) No. 62, which exempted battery EVs, hybrid EVs, plug-in hybrid EVs and other types of EVs from import duties. The zero tariff rate for EVs will be imposed until 2028.

This prompted TMP to reduce the suggested retail prices for the Toyota RAV4, Alphard, and Lexus hybrid EVs in the Philippines.

CAMPI currently has 24 members, but this is expected to increase as the applications of other car brands, including BYD, Subaru, Tesla, and Hongqi, are now pending.

Meanwhile, the Electric Vehicle Association of the Philippines (EVAP) said that it is closely monitoring developments in the Electric Vehicle Industry Development Act (EVIDA), particularly on the Electric Vehicle Incentives Scheme (EVIS).

“EVAP remains committed to working closely with the government and stakeholders to ensure that the law’s provisions are properly implemented to create a robust and sustainable EV ecosystem in the Philippines,” the group said in a statement on Monday.

EVAP said that the EVIS is expected to drive investments and local manufacturing while making EVs more accessible to consumers.

“The EVIDA law has laid the foundation for the growth of the electric vehicle industry in the Philippines,” said EVAP President Edmund A. Araga.

“The proper implementation of EVIS will be a game changer, making EVs more affordable and incentivizing businesses to invest in charging infrastructure and local assembly,” he added.

These incentives include tax breaks, reduced import duties, and other nonfiscal incentives such as priority registration and dedicated parking spaces.

“These measures are expected to stimulate demand and encourage private sector participation in building the necessary infrastructure,” the group added.

1...506507508...12,800Page 507 of 12,800
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube