New EV development law to lure hi-tech investment

Louella Desiderio - The Philippine Star

MANILA, Philippines — The Department of Trade and Industry (DTI) expects to attract more hi-tech investments given the recent enactment of a law promoting the development of the electric vehicle (EV) industry.

“With EVIDA (EV Industry Development Act), 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,” Trade Secretary Ramon Lopez said in a statement yesterday.

Republic Act 11697, otherwise known as EVIDA, provides a national policy framework to develop the country’s EV industry.

The law seeks to promote innovation in clean energy and sustainable transportation, while pushing for the development of a sunrise industry in the country and generating jobs.

The law will set clear policy directions in raising EV awareness, boosting local demand for EVs to encourage investments in production, and in building EV charging infrastructure.

Under the law, a Comprehensive Roadmap for the Electric Vehicle Industry (CREVI) will be crafted to serve as a national development plan to accelerate the development, commercialization, and utilization of EVs.

The law will also serve as a blueprint for a coordinated approach among government agencies in promoting EVs and in attracting investments in the industry.

As part of the law, the DTI’s attached agency, the Board of Investments, will come up with an Electric Vehicle Incentive Strategy (EVIS) similar to the Comprehensive Automotive Resurgence Strategy program, which shall provide fiscal and non-fiscal incentives to reduce the production cost gap between EVs and traditional vehicles and achieve local EV production targets by 2030.

For DTI Competitiveness and Innovation Group Undersecretary Rafaelita Aldaba, the EVIDA is critical for the Philippines given the rising competition in Southeast Asia for investments in EV manufacturing.

“The EVs 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 said.

Aside from encouraging use of EVs and investments in the industry, Lopez also expects EVIDA to lessen the consumption of oil products in transport, and reduce air and noise pollution in urban areas.

This is important amid rising fuel prices affecting both businesses and consumers.

EVIDA is among the legislative measures pushed by the DTI under the 18th Congress to help accelerate recovery and make the country more competitive.

vuukle comment



  • Latest
  • Trending
Are you sure you want to log out?

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

or sign in with