29 June 2022, Guangzhou, CHINA — The Department of Trade and Industry (DTI) offices in China, together with partners from the private sector, encouraged Chinese electric vehicle (EV) companies to invest in the Philippines in the light of the recent passage of the Electric Vehicle Industry Development Act (EVIDA) which paves the way for further government support for the development of this strategic investment priority sector.Thank you for reading this post, don't forget to subscribe!
DTI Foreign Trade Service Corps (FTSC) Assistant Secretary Glenn Peñaranda in his opening address to the attendees of the 2022 International Summit on Lithium Battery Technology and Application for Light Electric Vehicles (BLEV2022) said that “the Philippine market is growing and will grow even bigger as the adaptation of EVs is expected to accelerate with the passage of Republic Act No. 11697 otherwise known as the Electric Vehicle Industry Development Act (EVIDA) in May 2022, which provides for a national policy framework to develop the electric vehicle industry in the Philippines, particularly for the shift to EVs and for further attracting investments and creating high-value jobs.”
He added that “with EVIDA’s passage, (the Philippines) will be crafting a Comprehensive Roadmap for the Electric Vehicle Industry (CREVI), which will be a national development plan for the EV industry to accelerate the development, commercialization, and utilization of EVs and the Electric Vehicle Incentive Strategy (EVIS).”
Philippine Trade and Investment Center in Guangzhou’s (PTIC-Guangzhou) Vice Consul (Commercial) Froilan Emil Pamintuan in his presentation also cited some of the Public Utility Vehicle Modernization Programs already in place in the Philippines, as well as the incentives already awaiting investors in green ecosystems under Tier II of the Strategic Investment Priority Plan (SIPP).
Currently, incentives are already in place under the SIPP for activities that include assembly of EVs, manufacture of parts & components, establishment and operation of EV infrastructure such as charging stations; renewable energy; energy efficiency and conservation projects; energy storage and integrated waste management, disposal and recycling.
Electric Vehicle Association of the Philippines (EVAP) President Edmund Araga also delivered a message during the two-day BLEV 2022 event, while PTIC-Guangzhou Senior Trade and Investment Consultant Mr. Allan Liu joined the ASEAN panel discussion which included representatives from Malaysia and Thailand.
BLEV 2022 was organized by Battery China and the Guangdong Electric Vehicle Chamber of Commerce, which have been working closely with the PTIC offices in China, EVAP, and the Philippine Nickel Industry Association (PNIA) in promoting the Philippines as an attractive investment destination for Chinese businesses involved in e-vehicles including e-batteries.
In 2021, China ranked as the Philippines’ top trading partner with total trade amounting to USD38 billion and was the 2nd largest export market receiving Philippine exports amounting to USD11.6 billion.
Approved investments in 2021 amounting to USD43.53 million placed China as the Philippines’ 7th largest source of investments last year. END