A foreign firm manufacturing electric vehicles (EVs) is considering a “substantial investment” in the Philippines, which is expected to boost manufacturing and clean energy adoption.
This was disclosed by Department of Finance Secretary Frederick Go in his speech during the Association of Southeast Asian Nations (ASEAN) Editors and Economic Opinion Leaders forum in Makati City on Tuesday.
Department of Trade and Industry (DTI) Secretary Ma. Cristina Roque, in a sideline interview, declined to name the firm or reveal discussion details.
“Maganda ‘yung discussions (The discussions are great),” she said. “But I can’t say exactly how much. But once we have it, we’ll put it out. We’re still in talks.”
Asked if the investment will materialize this year, Roque said, “Yes, I hope so.” She also noted its potential to provide jobs for Filipinos.
Data from the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association showed electrified vehicles (xEV) made up 7.01 percent — 32,489 units — of total member sales in 2025. Hybrid electric vehicles (HEVs) led with 25,737 units, followed by battery electric vehicles (BEVs) at 4,613, and plug-in hybrid electric vehicles (PHEVs) at 2,139.
The government supports the EV sector via the Electric Vehicle Industry Development Act (EVIDA), which exempts EVs from the Unified Vehicular Volume Reduction Program for eight years.
The Department of Energy (DOE) targets EVs to comprise about 50 percent of vehicles on the road by 2040. (PNA)