PH Now Ready to Battle for EV Investments with P60-Billion Incentive Strategy

MANILA, Philippines — The Philippines is now better positioned to compete for electric vehicle (EV) manufacturing investments as it seeks to become a regional production hub, the country’s trade and finance chiefs said. This was after President Marcos signed Executive Order No. 121 on July 29, operationalizing the Electric Vehicle Incentive Strategy (Evis), a P60-billion fiscal incentive package for manufacturers that will produce EVs locally. Under that program—the largest incentive package the Philippines has rolled out for automotive manufacturers—the government will provide up to P15 billion in fiscal support for each EV maker that produces at least 10,000 units of an enrolled model. “The EV Incentive Strategy sends a clear signal that the Philippines is ready to compete for the next generation of automotive investments,” said Finance Secretary Frederick Go, who also serves as the country’s investment czar, in a statement. Go said he expects Evis to help position the Philippines within the global automotive value chain. After all, Southeast Asia is emerging not only as a major market for EVs but also as an important manufacturing and supply chain hub, according to BMI, a unit of Fitch Solutions. That growth has been led by countries such as Vietnam, Thailand, Malaysia and Indonesia. In the Philippines, EV sales surged 132.7 percent to 31,381 units in the first half of 2026, while sales of internal combustion engine vehicles fell 11.4 percent to 204,557 units over the same period. Trade Secretary Cristina Roque said Evis was also expected to generate jobs and attract more investments. “The Evis Program is designed not only to support the growth of the EV market, but more importantly, to create a strong local manufacturing ecosystem that generates quality jobs, attracts technology and investments, and deepens the participation of Philippine industry in regional and global value chains,” Roque said in a statement. To qualify for incentives under Evis, manufacturers must commit at least P5 billion in investments. Mitsubishi Motors Philippines Corp. has already committed P7 billion to develop hybrid EVs. Even before the program’s full implementation, the government is already working with other EV powerhouses in Asia to prepare the country’s EV talent pipeline. According to the Board of Investments, which will oversee Evis, the agency is exploring a partnership with Beifang Automotive Education Group, China’s largest automotive vocational education institution. This proposed partnership would focus on skills development, certification programs and EV training facilities, with the goal of positioning the Philippines not only as an EV manufacturing hub but also as a regional center for EV talent development in Southeast Asia. INQ