Korean automotive manufacturer EnPlus Co. Ltd. expressed interest to invest P5 billion in an electronic vehicle manufacturing facility on a 30-hectare site in Negros Occidental province.
The Philippine Economic Zone Authority said the Korean company planned to produce e-vehicles, including cars and e-jeepneys
“EnPlus, a Korean company, is [now] our partner in investing in the countryside and believing in [the] Philippines as an investment haven in Asia. We appreciate EnPlus in their commitment and alliance with us towards making the Philippines a clean, sustainable and environment-friendly country,” said PEZA director-general Charito Plaza.
EnPlus signed on Wednesday a memorandum of understanding as the first electronic vehicle manufacturer to be registered under PEZA. Plaza said the company would receive special incentives for investing in pioneering projects.
The MOU between PEZA and EnPlus is in line with the agency’s goal for a resilient economic zone development specifically in regions outside Metro Manila.
PEZA said EVs would be better for the environment as they emit fewer greenhouse gases and air pollutants than traditional vehicles using petrol or diesel. Globally, electric cars have yet to be mainstreamed.
EnPlus chairman and chief executive Ahn Young Yong thanked the Philippines for allowing the company to supply more than 100 units of pump trucks, water trunks, aerial ladder and rescue trucks in 2020.
He said the company would like to make a better world and provide more fire trucks and electric vehicles to the Philippines.
“With this, we would like to expand our business in your country to manufacture environment and energy-friendly vehicles starting with your jeepneys since they are the most popular mode of transportation in your country,” he said.
PEZA vowed to link the Korean firm to relevant industries for joint investment ventures and other related agreements.
EnPlus recently donated a fire truck and plans to donate ambulances to PEZA, which will be shipped by November 2021.