Manila: Prices of electric vehicles (EVs) in the country are projected to decline between six and 12 percent 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., paving the way for more investments in local EV manufacturing.
According to Philippines News Agency, Secretary Sharon Garin stated that estimates by the Department of Energy (DOE) show that the reduction in prevailing prices of EVs as a result of the EVIS translates to 'potential savings of as much as PHP200,000 per vehicle, depending on the model.' She indicated that 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," Garin said. She also emphasized the importance of reducing dependency on imported petroleum through increased use of EVs powered by domestic electricity.
The DOE noted that EO 121 supports the government's shift towards renewable energy by promoting the use of EVs. The EO also established the Inter-Agency Committee on Electric Vehicle Industry Development for closer coordination among various government departments and the private sector.
Trade and Industry Secretary Ma. Cristina Roque described the EO as 'a landmark policy that strengthens the Philippines' position as an emerging hub for electric vehicle manufacturing in the region.' She highlighted that the EVIS is designed to foster a strong local manufacturing ecosystem that generates quality jobs, attracts technology and investments, and enhances the participation of the Philippine industry in regional and global value chains.
Roque expressed gratitude for President Marcos' leadership and commitment to industrial transformation, sustainable mobility, and green economic growth. She noted that the issuance of EO No. 121 sends a clear signal to global and domestic investors that the Philippines is prepared to compete for high-value manufacturing investments in the rapidly growing EV sector. By bolstering the country's EV production capabilities and supporting industry players, Roque asserted that the foundation is being laid for a greener, more resilient, and globally competitive economy.
