President Ferdinand Marcos on Thursday issued a new policy to accelerate the development of the local electric-vehicle (EV) manufacturing industry, according to Philstar Biz.
The policy aims to reduce dependence on imported EVs and components, promoting domestic production and assembly. It includes incentives such as tax breaks and streamlined regulatory processes for manufacturers, as well as investments in charging infrastructure and research and development.
Industry stakeholders have welcomed the move, saying it could create jobs and position the Philippines as a competitive player in the global EV supply chain. The government expects the policy to attract both local and foreign investments in the coming years.