PH Launches P60-B Incentives to Attract EV Manufacturers

MANILA, Philippines — President Marcos has greenlighted a P60-billion incentives package aimed at luring electric vehicle (EV) manufacturers to produce their units in the Philippines, as the government drives to position the country as a regional automotive manufacturing hub. Executive Order (EO) No. 121, signed by Marcos on July 29 but made public only on July 31, is expected to bolster the country’s bid to become a key player in the global EV supply chain. The incentive package is designed to attract foreign and local investments in the EV manufacturing sector. It aims to provide tax breaks, streamlined regulatory processes, and other forms of government support to companies that establish production facilities in the Philippines. The move is part of a broader strategy to diversify the country’s economy and enhance its industrial capabilities. With the global automotive industry undergoing a significant transformation towards electrification, the Philippines seeks to carve out a niche in this rapidly expanding market. The government believes that by offering attractive incentives, it can draw in major EV manufacturers, thereby creating high-value jobs, fostering technological transfer, and stimulating the growth of ancillary industries such as battery production and charging infrastructure. This initiative also aligns with the Philippines’ commitment to sustainable development and climate action. By promoting the adoption of EVs, the country aims to reduce its reliance on fossil fuels, improve air quality in urban areas, and contribute to the global effort to combat climate change. The P60-billion package is seen as a crucial step in building a robust EV ecosystem that can support both domestic demand and export markets. Information Source: Inquirer NewsInfo