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Chinese EV manufacturer commits P25 billion to PH

According to Trade Undersecretary Ceferino Rodolfo, a Chinese electric car business is registering with the Fiscal Incentives Review Board for three projects totaling PHP25 billion.

Rodolfo declined to identify the business but stated that the Chinese company’s operations will involve leasing electric vehicles, installing charging stations, and launching an all-electric vehicle transit network (TNVS).

According to him, the corporation intends to import 20,000 EVs, 10,000 of which will be used for TNVS and its leasing operations, as well as 1,000 charging stations.

In a news conference, Rodolfo, who is also the managing head of the Board of Investments (BOI), stated that “they aim to develop an electric vehicle ecosystem here.”

The Chinese corporation is pleased with Executive Order No. 12, which eliminates tariffs on imported e-vehicles and reduces tariffs for e-vehicle parts and components for a five-year term.

In accordance with Tier II of the Strategic Investment Priority Plan, which provides tax benefits on investments in energy efficiency and the creation and operation of e-vehicle infrastructure, such as charging stations, Rodolfo noted that the projects are eligible for financial incentives.

According to Rodolfo, an additional Chinese manufacturer of electric vehicles is looking for a location for its assembly factory in the Philippines.

He claimed that the firm is the largest manufacturer of electric vehicles worldwide.

According to Rodolfo, the investments made by Chinese e-vehicle companies are a result of President Ferdinand R. Marcos Jr.’s early-year trip to China.

He emphasized that the Philippines is an ideal location for e-vehicle assembly investments since it has the GEMS, or green electronics, metals, market, and software development resources.

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