PH to Attract More Investments in Tech Upon Passage of EV Bill

According to the Department of Trade and Industry (DTI), the Philippines will be able to attract more investments upon the passage of the Electric Vehicle Industry Development Act (EVIDA) — the national policy framework for the advancement of the electric vehicle (EV) industry in the country.

“With Evida, the Philippines is now in a stronger position to further attract hi[gh]-tech investments and create high-value jobs in the country by taking advantage of the ongoing global shift to EVs through strong national policy support,” explained Trade Secretary Ramon Lopez. “This will also reduce the transportation sector’s direct dependence on oil, especially amid rising fuel prices affecting both businesses and consumers.”

The bill is also geared to promote the development of clean energy and sustainability, particularly in transportation. Under EVIDA, specific policy directions such as raising EV awareness, streamlining regulations, boosting local demand, and building robust EV charging infrastructures are encouraged to be implemented by the government.

Additionally, the creation of a Comprehensive Roadmap for the Electric Vehicle (EV) Industry is, likewise, mandated. This roadmap will serve as a significant national development plan in an effort to boost the development, commercialization, and utilization of EVs in the country as well as secure the confidence of investors with regard to investments in the field of EVs.

In line with this, the Board of Investments — an agency attached to the DTI — is also charged with the crafting of an Electric Vehicle Incentive Strategy (EVIS). This will serve to reduce the gap in production costs between EVs and traditional vehicles through the provision of fiscal and non-fiscal incentives. The EVIS is also projected to aid in the attainment of local EV production targets set for 2030.

“The EVIS will allow the government to provide competitive and industry-specific fiscal and non-fiscal support to attract private sector investments in strategic EV segments, especially manufacturing, which is a crucial step in deepening our participation in the regional automotive value chain,” concluded Rafaelita Aldaba, DTI Undersecretary for the Competitiveness and Innovation Group.

Source: Manila Times