PHL e-vehicle firm granted BOI incentives, to invest P100M, build Cavite plant

The Board of Investments has granted registered investment status to local electric vehicle firm Philippine Utility Vehicle Inc., which as it avails of BOI fiscal and non-fiscal incentives, said it will invest P100 million to mass produce e-jeepneys and e-tricycles.

 

“Now that it is more economically feasible, we are allocating P100 million as we gear up for mass production of electric vehicles,” PhUV president Ferdinand Raquelsantos said Wednesday.

 

Raquelsantos also said other electric vehicle firms “have come and gone in the Philippines but we have stayed on and have remained strong. In 2008, we pioneered in the local manufacture and assembly of electric vehicles and up to now, our eJeepneys are still plying their routes.” 

 

PhUV vice president Rommel Juan said part of their investment will be channeled to a mass production facility in Maguyam, Cavite.

 

The company joined forces with TECO  Electric and Machinery Co., Ltd. of Taiwan in bidding for the first phase of the $500-million Department of Energy Etrike program. 

 

“In partnership with TECO, we aim to make the Philippines the regional manufacturing hub of EV in the Asean region. We are looking at a possible expansion to TECO’s Subic facility so that we will enjoy the benefits of locating in an export processing zone. We hope to make the Philippines a major player in the EV industry in the region,” Raquelsantos said.  — ELR, GMA News