Chinese e-vehicle firm to invest P25B in PH

(Courtesy of Electric Vehicle Association of the Philippines)

MANILA, (PIA) — A Chinese electric vehicle company is registering with the Fiscal Incentives Review Board for three projects worth P25 billion, Trade Undersecretary Ceferino Rodolfo said in a report by the Philippine News Agency over the weekend.

Rodolfo declined to name the firm but said the projects of the Chinese company will involve leasing of e-vehicles, putting up charging stations, and starting an all-e-vehicle transportation network vehicle service (TNVS).

He said the company is planning to import 20,000 e-vehicles, 10,000 units each for its leasing business and TNVS, and 1,000 charging stations.

They want to create an electric vehicle ecosystem here,” Rodolfo, also the Board of Investments (BOI) managing head, said in a press briefing.

Executive Order No. 12 that removes tariff on imported e-vehicles and lowers tariff for e-vehicle parts and components for a five-year period is a welcome policy for the Chinese company.

Rodolfo explained that the projects are qualified for fiscal incentives under the Tier II of the Strategic Investment Priority Plan, which gives tax perks on investments in energy efficiency and establishment and operation of e-vehicle infrastructure like charging stations.

Meanwhile, another Chinese e-vehicle manufacturer is searching for a location in the Philippines for its assembly plant, Rodolfo shared.

He said the company is the biggest e-vehicle assembler in the world.

Rodolfo said the investments of Chinese e-vehicle firms are offshoots of the visit of President Ferdinand R. Marcos Jr. to China early this year.

He pointed out that the Philippines is a good investment hub for e-vehicle assembly since the country has the GEMS, or the resources of green metals, electronics, market, and software development. (PIA-NCR)