Marcos signs EO 121 creating P60 billion EV incentive package

MANILA, Philippines — President Ferdinand R. Marcos Jr. has signed Executive Order No. 121, establishing the Electric Vehicle Incentive Strategy (Evis) program. This P60-billion fiscal incentive package aims to accelerate the local manufacture of electric vehicles (EVs), attract investments, and position the Philippines as a regional automotive manufacturing hub. The executive order is intended to encourage investments across the entire EV ecosystem, including manufacturers, component suppliers, and charging infrastructure providers. The Evis program will offer a comprehensive set of incentives, such as tax exemptions on imported components and income tax holidays for eligible businesses. Through this strategy, the Philippine government seeks to enhance domestic EV production capacity, create jobs, and promote the transition to sustainable transportation solutions. This initiative also forms part of the Philippines' efforts to boost the competitiveness of its automotive industry within the ASEAN region. This move is seen as laying the groundwork for the Philippines to play a significant role in the global EV supply chain amidst the worldwide shift towards electric mobility. It demonstrates the government's strong commitment to achieving both the development of the domestic automotive industry and the promotion of eco-friendly mobility.