The Department of Trade and Industry (DTI) has approved a proposed incentives strategy to boost electric vehicle (EV) manufacturing and will submit it to the Fiscal Incentives Review Board (FIRB) for approval next month.
Trade Secretary Cristina Roque said the EV Incentive Strategy (EVIS), drafted by the Board of Investments, aims to reduce the cost gap between EVs and traditional vehicles to encourage adoption.
The EVIS includes targeted fiscal and non-fiscal support for EV and parts manufacturers, especially those producing batteries, charging stations, and testing facilities.
The government plans to offer income tax deduction certificates to help companies offset tax obligations during operations.
The strategy sets ambitious targets of producing up to 6.3 million EV units and establishing 147,000 charging stations by 2040 under a clean energy scenario.
Source: PhilNews24 | June 14, 2025
DTI APPROVES INCENTIVES TO BOOST ELECTRIC VEHICLE MANUFACTURING
Latest from Business
Energy Secretary Sharon Garin warned that diesel prices in Metro Manila may reach P115 per liter
Digital wallet giant GCash has blocked over 3,200 merchants linked to illegal activities, including online gambling,
The Petroleum Association of the Philippines (PAP) is urging power companies to prioritize the use of
Grab Philippines and its motorcycle taxi subsidiary Move It have launched a multi-layered support program to
After divesting from its unprofitable US operations, Del Monte Pacific Ltd. (DMPL) is focusing on strengthening