Evida to help PH attract more investments

THE Department of Trade and Industry (DTI) said the enactment of the Electric Industry Development Act (Evida) will make the Philippines more attractive for high technology investments.

In a statement, DTI said Evida provides for a national policy framework to develop the electric vehicle industry in the Philippines.

“With Evida, the Philippines is now in a stronger position to further attract hi[gh]-tech investments and create high-value jobs in the country by taking advantage of the ongoing global shift to EVs through strong national policy support,” Trade and Industry Secretary Ramon Lopez said.

Lopez said the passage of the law will also lessen the direct usage of oil products in transport.

“This will also reduce the transportation sector’s direct dependence on oil, especially amid rising fuel prices affecting both businesses and consumers,” he said.

Evida aims to promote innovation in the field of clean energy and sustainable transportation.

It sets clear policy directions for the government to raise EV awareness, streamline regulations, boost local demand that should attract EV production and build a robust EV charging infrastructure.

Evida also mandates the crafting of a Comprehensive Roadmap for the Electric Vehicle (EV) Industry, which will be a national development plan for the EV industry to accelerate the development, commercialization and utilization of EVs.

It will also serve as a blueprint for a comprehensive and coordinated policy direction among national government agencies in terms of promoting EV to ensure investors’ confidence and attract EV-related investments.

As provided by the law, the Board of Investments is tasked to craft an Electric Vehicle Incentive Strategy (EVIS) similar to the Comprehensive Automotive Resurgence Strategy Program (CARS Program), which shall provide fiscal and non-fiscal incentives to narrow the production cost gap between EVs and traditional vehicles and achieve local EV production targets by 2030. DTI Competitiveness and Innovation Group Undersecretary Rafaelita Aldaba said Evida will help the Philippines amid the rising competition in Asean to attract EV manufacturing investments.

“The EVIS will allow the government to provide competitive and industry-specific fiscal and non-fiscal support to attract private sector investments in strategic EV segments, especially manufacturing, which is a crucial step in deepening our participation in the regional automotive value chain,” she said.

Evida is among DTI’s priority legislative agenda for the 18th Congress.