Marcos issues new policy to boost local EV manufacturing
Philippine President Ferdinand Marcos Jr. has issued an executive order to boost the local electric vehicle industry through the Electric Vehicles Incentives Strategy program. The policy aims to reduce fossil fuel dependence and meet emission targets by encouraging local manufacturing and foreign investment.
Why it matters
This policy represents a strategic effort by the Philippines to modernize its transport sector and mitigate the economic impact of global oil price volatility.
MANILA, Philippines - President Ferdinand Marcos Jr. issued Executive Order No. 121 on Thursday, July 30, to develop the country's local electric vehicle (EV) manufacturing industry.
This came following Marcos' pronouncement during his fifth State of the Nation Address (SONA) on July 27 that the government aims to make half of the country's vehicles electric-powered by 2040.
Under the new policy, an Electric Vehicles Incentives Strategy (EVIS) Program will be established to promote the local manufacturing of EVs, as well as their parts and components, and attract foreign investments to expand the industry.
An inter-agency task force composed of representatives from the Board of Investments (BOI), the Department of Finance, the Department of Energy, the Department of Transportation, and the Department of Budget and Management will be formed to evaluate applications and registrations under the program.
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