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Louella Desiderio - The Philippine Star
June 25, 2025 | 12:00am
Trade Secretary Cristina Roque said in a statement yesterday that the EV Incentive Strategy (EVIS), now awaiting the approval of the Fiscal Incentives Review Board (FIRB), is also expected to bring other benefits to the economy.
BusinessWorld / MICHAEL FOUSERT-UNSPLASH
MANILA, Philippines — The Department of Trade and Industry (DTI) expects to generate P120 billion worth of investments and 680,000 jobs under an incentives program that aims to support the development of the local electric vehicle (EV) industry.
Trade Secretary Cristina Roque said in a statement yesterday that the EV Incentive Strategy (EVIS), now awaiting the approval of the Fiscal Incentives Review Board (FIRB), is also expected to bring other benefits to the economy.
Anchored on the Electric Vehicle Industry Development Act, the EVIS will provide fiscal and non-fiscal incentives to encourage the local production of EVs, batteries, motors and components, as well the deployment of charging stations and testing facilities.
The EVIS sets production targets from 2028 to 2040 for the local rollout of up to nine million EVs, including two- and three-wheelers, passenger cars, buses and trucks.
It also targets the deployment of around 400,000 charging stations.
The DTI expects the EVIS to create around 680,000 jobs and yield P11.4 trillion in economic output.
In addition, the EVIS is expected to generate P400 billion in tax revenue and enable the country to save up to $30 billion in foreign exchange through reduced dependence on imported vehicles and parts.
Through the EVIS, the government wants to narrow the cost gap between EVs and traditional motor vehicles and encourage the use of EVs.
“The EVIS is our concrete response – laying the foundation for a strong, inclusive EV industry that empowers our workers, strengthens local manufacturing and delivers lasting opportunities for communities nationwide,” Roque said.
Firms taking part in the EVIS will have to comply with Philippine and international standards and provide long-term after-sales support.
They will also have to submit investment plans that have been vetted by the Board of Investments.
The DTI expects the FIRB to deliberate on the EVIS next month.
