With the signing of a bilateral investment agreement and the New Southbound Trade Treaty between…
Invited to invest in PH: Chinese EV and battery producers
The Philippines have been recommended as the next location for investments by Chinese battery and electric car makers, according to the Department of Trade and Industry (DTI) on Friday.
This is because the DTI recently presented the investment potential in the Philippines for e-vehicle and battery manufacturers at the 2022 International Summit on Lithium Battery Technology and Application for Light Electric Vehicles (BLEV 2022) in Guangzhou, China.
Glenn Pearanda, assistant secretary of the DTI Foreign Trade Service Corps (FTSC), informed Chinese companies that the Philippines passed the Electric Vehicle Industry Development Act (EVIDA) into law last May, which will promote the expansion of the domestic e-vehicle industry.
According to Penaranda, “(EVIDA) offers a national policy framework to promote the EV industry in the Philippines, particularly for the switch to EVs and for further luring investments and creating high-value jobs.”
The Comprehensive Roadmap for the Electric Vehicle Industry (CREVI), which will act as a national roadmap for the e-vehicle industry, will be developed by industry stakeholders in response to the enactment of the EVIDA.
The Electric Vehicle Incentive Strategy and the roadmap are intended to hasten the development, commercialization, and use of electric vehicles (EVIS).
Along with EVIDA, the Philippine government has implemented various policies to encourage the expansion of e-vehicles in the nation, such as the Public Utility Vehicle Modernization Program and the Strategic Investment Priority Plan (SIPP), which qualifies investments in green ecosystems for tax breaks.
Investments in the green economy are covered under the Tier II of the SIPP and include the construction of e-vehicle infrastructure including charging stations, integrated waste management, disposal, and recycling, and the fabrication of parts and components as well as the assembly of e-vehicles.
Alfredo Pascual, secretary of the DTI, previously stated that one of his goals as head of trade is to see that the nation has integrated facilities for processing minerals, including green metals, which are used to make batteries.
He claimed that the Philippines might be a crucial partner for exporters of essential minerals as well as a processor of semi-finished and finished goods.
According to Ramon Lopez, a former DTI secretary, the Philippines has investment opportunities in the e-vehicle sector. These opportunities include investments in the e-vehicle ecosystem, e-vehicle infrastructure, such as charging stations, battery technologies, such as the processing of green metals for use in e-vehicle batteries and other applications, and battery energy storage systems.