The Philippines’ electric vehicle (EV) industry is expected to see “exponential growth,” with total EVs projected to reach at least 2.5 million units by 2040, according to the Electric Vehicle Association of the Philippines (EVAP).
EVAP president Edmund Araga said the target is “within reach” as sales continue to break records. EV registrations “skyrocketed to 29,715 from January to July this year, already surpassing the total number in 2024,” Araga said at the opening of the 13th Philippine Electric Vehicle Summit in Pasay City.
The figure represents about 5 percent of new vehicle registrations, or three times the number two years ago, Araga said, citing Land Transportation Office (LTO) data. Of the total, 28,353 units were new registrations and 1,362 were renewals.
The EV sector’s long-term goal is to have electric vehicles account for at least half of all vehicles on Philippine roads by 2040. This will be supported by plans to deploy about 7,300 charging stations nationwide by 2028 and 20,400 by 2040.
“As EV numbers rise sharply every year, the number of charging stations must keep pace to convince more Filipinos to shift to electric mobility,” Araga said, adding that the expansion of charging infrastructure is essential.
Meanwhile, the government is studying the creation of a new incentives program specifically for electric vehicles to attract more manufacturing investments into the country, according to Special Assistant to the President for Investment and Economic Affairs (SAPEIA) Frederick Go.
Go said the proposed initiative would mirror the structure of the Comprehensive Automotive Resurgence Strategy (CARS) and the Resilient Automotive Community Ecosystem (RACE) programs but would be dedicated entirely to EVs.
“We need to craft a different program for EVs. Before, we had CARS and then RACE, but those are for non-EVs. So we have to come up with one for EVs. Similar programs are better suited for the sector,” Go said in an interview on the sidelines of summit.
Go said the policy should be implemented “as soon as possible” to encourage EV assemblers to establish local production facilities. He disclosed that one potential assembler is already in exploratory talks to set up operations in the Philippines.
The CARS Program, launched in 2015, was designed to revive the local automotive manufacturing industry by providing fiscal support to carmakers that committed to produce at least 200,000 units of a specific model locally. The newer RACE program, introduced by the Board of Investments, broadened coverage to include parts makers and suppliers.
Go said a dedicated EV incentives program would help the Philippines keep pace with the global shift to sustainable mobility, with the EVAP projecting at least 2.5 million EVs on Philippine roads by 2040.
