The Department of Energy endorsed the electric vehicle project of Century Peak Energy Corp. to the Board of Investments for tax incentives.
Century Peak is putting up an integrated EV and EV charging station with fleet management project nationwide.
“I am pleased to inform you all that as part of continued efforts to help strengthen our EV sector, the DOE has also recently endorsed a project to the BOI, which will see the deployment of 20,000 imported EVs and up to 5,000 EV charging stations in the next 5 years,” Energy Secretary Alfonso Cusi said a speech at the 9th Philippine Electric Vehicle Summit.
The P2.5-billion project is expected to commence upon BOI approval, according DOE director Patrick Aquino.
“When completed, the project is expected to help contribute to the reduction of as much as 145.02 million liters of fuel. This is equivalent to at most a P7.99 billion reduction from fuel cost. The DOE looks forward to more similar projects to accelerate the country’s shift to EV,” Cusi said.