Local electric vehicle makers open to entering the export market but say they need govt assistance to secure bank support

According to the Electric Vehicle Association of the Philippines (EVAP), local electric vehicle (EV) manufacturers are open to entering the export market but will need government assistance to secure bank financing.

“Most of our local EV manufacturers are still concentrating first on the local market; however, if there are some opportunities that are being offered or given to them, they won’t resist having it on an export,” said EVAP President Edmund A. Araga, at the 9^th Electric Vehicle Summit.

“In terms of technology and experience, they already proved to the market that it’s viable and feasible and that their units are working,” he added.

Mr. Araga also noted that the big question is with regards to the financial schemes.

“The capitalization is very significant for them to pull through and have it offered to the export market as well,” said Araga.

Moreover, Araga said the EVAP hopes that the Finance Department will open the doors to commercial banks.

Meanwhile, Energy Utilization Management Bureau Director Patrick T. Aquino announced that the Energy Department will release a policy on EV charging stations soon.

“The public consultations have been done on the electric vehicle charging stations and infrastructure. The circular has been finally signed and we are looking forward to its publication later this month or early next month,” said Aquino.

“If you are going into the business of EV charging stations, you get a menu coming from the board of investments,” he added.

Lastly, Raymond B. Ravelo, Meralco vice-president and chief sustainability officer, said he believes EVs will play a vital role in the country’s post-pandemic economic recovery.

“If there is anything that COVID did, it created a greater sensitivity to health or respiratory health in general, so EVs are definitely supportive of anything in that regard,” said Ravelo.

“EVs have shown a lot of resilience in light of this pandemic. Even the overall car market has shrunk in 2020, EVs maintained steady growth,” he added.

SOURCE: Business World