The Electric Vehicle Association of the Philippines said investments in the emerging electric vehicle industry are expected to reach as much as P5 billion in the next five years.
EVAP president Rommel Juan told reporters at the Philippine Electric Vehicle Summit 2016 that Bemac Electric Transportation Philippines already infused bulk of the projected investments this year.
Uzushio Electric Co. Ltd. of Japan and local partner Bemac Electric Transportation Philippines Inc. won a contract for the supply of 3,000 units of electric tricycles under Asian Development Bank-funded energy efficient electric vehicles project.
Bemac officials said the company and its partner already invested P500 million to initially set up production line iand another P1 billion to supply the 3,000 e-trikes.
“Yes, [it may reach P5 billion over five years]…And that’s what we want, from the very start of the EV summit, we wanted to bring in foreign investors to the Philippines to help catalyze the industry and to also help us with the technology,” Juan said.