- Thread Author
- #1
- Joined
- Sep 25, 2023
- Messages
- 29,362
- Reaction score
- 2,528
- Trophy Points
- 147
- Location
- Philippines
- D Bucks
- 💵4.878550
- Referral Credit
- 100
From Manila, Philippines report, it said that the Philippines may soon join other ASEAN countries in offering electric vehicle (EV) tax breaks and manufacturing incentives, with a key decision from the Fiscal Incentives Review Board (FIRB) expected in July. On June 11, the Department of Trade and Industry (DTI) approved a proposed incentives strategy for EV manufacturing. The plan still needs the rubber stamp from the FIRB and the Office of the President.
The report aid that the approved Electric Vehicle Incentive Strategy (EVIS) is projected to attract billions of pesos in capital investments, according to a DTI press release on Monday, June 23. The department did not specify details of the plan, but it claims the policies could create 680,000 jobs. These include jobs in EV assembly, battery production, charging station installation, and maintenance services.
However, the DTI did note that incentives will go beyond passenger cars, covering two- and three-wheelers, buses and trucks, along with nearly 400,000 charging station . Local assembly of battery electric vehicles (BEVs) remains limited. As of 2024, most BEVs sold in the Philippines are imported. The country has yet to establish a major domestic BEV manufacturer, unlike its Southeast Asian neighbors, Thailand and Indonesia.
The report aid that the approved Electric Vehicle Incentive Strategy (EVIS) is projected to attract billions of pesos in capital investments, according to a DTI press release on Monday, June 23. The department did not specify details of the plan, but it claims the policies could create 680,000 jobs. These include jobs in EV assembly, battery production, charging station installation, and maintenance services.
However, the DTI did note that incentives will go beyond passenger cars, covering two- and three-wheelers, buses and trucks, along with nearly 400,000 charging station . Local assembly of battery electric vehicles (BEVs) remains limited. As of 2024, most BEVs sold in the Philippines are imported. The country has yet to establish a major domestic BEV manufacturer, unlike its Southeast Asian neighbors, Thailand and Indonesia.