Friday, March 1, 2024

PH gov’t pitches local e-vehicle industry to South Korean investors

SEOUL – Department of Trade and Industry (DTI) Secretary Ramon Lopez highlighted the strong growth potential of the local e-vehicle (EV) industry to South Korean business executives during a high-level roundtable meeting on Tuesday, June 4.

DTI secretary Ramon Lopez

Lopez cited the tariff modification of EV products under the Asean Free Trade Agreement, as well as the target date for the full EV utilization and registration in the Philippines.

The International Electric Vehicle Association and other companies in the e-vehicle industry in South Korea such as Hyundai Motor, POSCO E&C, and Phillips Group have encouraged the Philippines to provide additional support to attract more investors in the e-vehicle and parts industry, aside from the usual fiscal incentives. 

The groups said tax incentives are not enough in developing an industry of the future. They also suggested to provide tax holidays and monetary support per unit produced, as well as government cost-sharing in charging/battery replacement stations, the same package that are now being provided in South Korea and other Asean member-states.

Accordingly, these countries have local programs to strengthen the industry to encourage the shift to e-vehicle, such as free registration and free parking for e-vehicles.

“This would have to be a special progam similar to our CARS program, so it can quickly attract investors in the industry,” said Lopez.

During the meeting, DTI undersecretary Rafaelita Aldaba also presented the Philippine government’s inclusive, innovation-led, industrial strategy (i3s).


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