By Joann Villanueva | Philippine News Agency
Prices of electric vehicles (EVs) in the country are projected to decline between 6% and 12% as domestic manufacturing is now bolstered by the signing of an executive order (EO) establishing the Electric Vehicle Incentive Strategy (EVIS) Program.
EO 121 was signed by President Ferdinand R. Marcos Jr. on Wednesday, paving the way for more investments in local EV manufacturing.
Department of Energy (DOE) Secretary Sharon Garin, in a new release Friday, said estimates by their agency show that the reduction in prevailing prices of EVs as a result of the EVIS translates to “potential savings of as much as P200,000 per vehicle, depending on the model.”
She said lower production and logistics costs are also projected to provide consumers with more options and improve market competition.
“The President has made it clear that the Philippines should not only use electric vehicles—we should build them. Executive Order No. 121 turns that vision into action by giving investors the confidence to manufacture in the Philippines, creating quality jobs for Filipinos, and making electric vehicles more affordable and accessible to every Filipino family,” she said.
“Transportation remains one of the country’s largest consumers of imported petroleum. Every electric vehicle powered increasingly by Philippine-generated electricity helps reduce our dependence on imported fuel, protects consumers from volatile global oil prices, strengthens our energy resilience, and supports a cleaner and more sustainable transport system,” she added.
The DOE said EO 121 backs the government’s bid for the use of more EVs as the country shifts to the utilization of renewable energy.
The EO also established the Inter-Agency Committee on Electric Vehicle Industry Development for closer coordination among the DOE, Department of Trade and Industry, Board of Investments, Department of Finance, Department of Transportation, the Department of Budget and Management, other implementing agencies, and the private sector.
Industry boost
Trade and Industry Secretary Ma. Cristina Roque said the EO is “a landmark policy that strengthens the Philippines’ position as an emerging hub for electric vehicle manufacturing in the region.”
She said EVIS “is designed not only to support the growth of the EV market, but more importantly, to create a strong local manufacturing ecosystem that generates quality jobs, attracts technology and investments, and deepens the participation of Philippine industry in regional and global value chains.”
“We express our sincere gratitude to President Marcos for his strong leadership and unwavering commitment to industrial transformation, sustainable mobility, and green economic growth. The issuance of EO No. 121 sends a clear signal to global and domestic investors that the Philippines is ready to compete for high-value manufacturing investments in the rapidly growing electric vehicle sector,” Roque said.
By strengthening the country’s EV production capabilities and backing industry players, Roque said “we are laying the foundation for a greener, more resilient, and more globally competitive economy.”
