President Ferdinand Marcos Jr. has signed an Executive Order creating a new incentive program aimed at encouraging companies to manufacture electric vehicles (EVs) in the Philippines.
Under Executive Order No. 121, signed on July 29, qualified manufacturers of hybrid and battery electric passenger cars, commercial vehicles, and EV parts can avail of government incentives.
The Electric Vehicle Incentive Strategy (EVIS) Program aims to attract more investments, create jobs, reduce the country’s dependence on fossil fuels, and strengthen the local automotive industry.
Instead of giving cash grants, the government will issue Tax Payment Certificates that companies can use to pay certain national taxes and import duties.
To qualify, manufacturers must invest at least P5 billion in new projects, meet production targets, and launch their locally made EV models within three years from registration.
Each enrolled EV model may receive incentives of up to P15 billion, with a total program budget of P60 billion.
The Board of Investments will oversee the program, with support from the Departments of Finance, Energy, Transportation, and Budget.IMT
