Thursday, February 22, 2024

Passage of EV bill to make PH attractive for hi-tech investments: DTI

The Department of Trade and Industry (DTI) said the enactment of Republic Act 11697 or the Electric Vehicle Industry Development Act (EVIDA), which provides for a national policy framework to develop the electric vehicle industry in the Philippines, will boost tech investments in the country.

“With EVIDA, the Philippines is now in a stronger position to further attract hi-tech investments and create high-value jobs in the country by taking advantage of the ongoing global shift to EVs through strong national policy support,” DTI secretary Ramon Lopez said.

Lopez also considers the measure a move towards lessening direct usage of oil products in transport, thus, signifying reducing air and noise pollution in urban areas. This will also reduce the transportation sector’s direct dependence on oil, especially amidst rising fuel prices affecting both businesses and consumers

EVIDA aims to promote innovation in the field of clean energy and sustainable transportation while developing a sunrise industry in the country and generating more employment. It sets clear policy directions for the government to raise EV awareness, streamline regulations, boost local demand that should attract EV production, and build a robust EV charging infrastructure.

The law also mandates the crafting of 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.

EVIDA will also serve as a blueprint for a comprehensive and coordinated policy direction among national government agencies in terms of promoting EV to ensure investors’ confidence and attract EV-related investments.

As provided by the law, the Board of Investments (BOI) is tasked to craft an Electric Vehicle Incentive Strategy (EVIS) similar to the Comprehensive Automotive Resurgence Strategy Program (CARS Program) which shall provide fiscal and non-fiscal incentives to narrow the production cost gap between EVs and traditional vehicles and achieve local EV production targets by 2030. 

DTI Competitiveness and Innovation Group undersecretary Rafaelita Aldaba emphasized the importance of EVIDA for the Philippines amidst the rising competition in Asean to attract EV manufacturing investments.

“The EVIS will allow the government to provide competitive and industry-specific fiscal and non-fiscal support to attract private sector investments in strategic EV segments, especially manufacturing, which is a crucial step in deepening our participation in the regional automotive value chain,” she mentioned.

Subscribe

- Advertisement -spot_img

RELEVANT STORIES

LATEST

- Advertisement -spot_img