Electric vehicle incentive scheme could be issued before end of year
THE Department of Trade and Industry (DTI) said it hopes to release the incentive scheme for the electric vehicle (EV) industry by year’s end. “We aim to have the EVIS (Electric Vehicle Incentives Strategy) issued before the end of the year. This is also in response to what the President said two days ago,” Undersecretary […]
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THE Department of Trade and Industry (DTI) said it hopes to release the incentive scheme for the electric vehicle (EV) industry by year’s end.
“We aim to have the EVIS (Electric Vehicle Incentives Strategy) issued before the end of the year. This is also in response to what the President said two days ago,” Undersecretary Ceferino S. Rodolfo told reporters on the sidelines of 12th Philippine Electric Vehicle Summit 2024 on Thursday.
Earlier this week, President Ferdinand R. Marcos, Jr. said the government is considering giving incentives to businesses that invest in the local manufacturing of electric vehicles.
This incentive policy will cover potential investors in the e-mobility industry while also prioritizing Philippine companies.
The DTI, together with the Department of Science and Technology, are tasked with coming up with a framework for the incentive scheme under the Electric Vehicle Industry Development Act.
According to the DTI, the Board of Investments will recommend an EVIS to the Fiscal Incentives Review Board for approval.
Mr. Rodolfo said EVIS aims to support the transition from Internal Combustion Engine to EVs.
The EV Incentive Strategy is expected to result in the domestic manufacture of around four million EVs in the next 10 years.
This strategy covers incentives for consumers like purchase subsidies through direct financial rebates or discounts, tax credits, value-added tax exemptions or reductions, and special electricity rates for EV charging stations, the Energy department has said.
Separately, the Electric Vehicle Association of the Philippines (EVAP) remains positive it will hit its 2.45 million unit EV sales target by 2028, despite low penetration rates.
“As you are probably aware, we are aggressively pushing for e-vehicles in the public transport sector, with a growing number of PUV drivers and operators shifting to EVs especially in the countryside,” Transportation Secretary Jaime J. Bautista said at a separate event.
EVAP President Edmund A. Araga said the Philippines is behind on its target, but EVAP is banking on the performance of two-wheeler EVs and other light electric vehicles.
“If we are going to factor in two-wheel and three-wheel vehicles, we can reach this target,” he said.
EVAP is projecting a 6.6 million EV fleet by 2030. — Ashley Erika O. Jose
