At least 10 electric vehicle (EV) manufacturers are keenly eyeing investment opportunities in the Philippines, as the government announced the re-allocation of the remaining P9-billion fund from the country’s biggest automotive incentives program to EV manufacturing.
Electric Vehicle Association of the Philippines (EVAP) president Ferdinand Raquelsantos said EV manufacturers from four countries are queueing up to apply for incentives under the Comprehensive Automotive Resurgence Strategy (CARS) program.
“While there are many European EV importers in the Philippines, China is just waiting for the passage of Republic Act (RA) 11697 or the Electric Vehicle Industry Development Act. They are waiting for the incentives,” he said.
He did not reveal the identity of the car firms “but some of them are big players while others are small and medium-sized firms.”
He said the approval of the law would be a crucial factor to drive up interests, adding the upcoming elections may also have an impact on the future plans of EV companies.