MANILA – The Department of Trade and Industry (DTI) welcomes potential investments in the green metals industry and the EV (electric vehicle) sector as the Philippines positions itself as a hub for “smart and sustainability-driven manufacturing and services industries in Southeast Asia.”
This is according to DTI Secretary Alfredo Pascual, as he joined the delegation of President Ferdinand Marcos, Jr., in his Presidential visit in Vietnam from January 29-30, 2024.
At the sidelines of the visit, Pascual met with Vingroup Company, Vietnam’s largest private company on January 29 and welcomed the entry of VinFast, a subsidiary of the Vingroup Company, who is planning to sell and launch their EVs in the country through dealership business by April 2024.
Photo courtesy of DTI
“The Philippines welcome investments in the EV sector as we position the country as a hub for smart and sustainability-driven manufacturing and services industries in Southeast Asia. Hence, we encourage you to explore other investment opportunities besides EV sales and dealerships,” Secretary Pascual said.
He also highlighted the government’s initiatives in promoting the country’s EV industry through the Public Utility Vehicle (PUV) Modernization Program and the E-Trike Project of the Department of Energy (DOE).
According to the DTI, under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, EV projects in the Strategic Investment Priority Plan (SIPP) may avail up to 17 years of incentives and 40 years of qualified government support. Moreover, completely built-up units of certain EVs may now be imported duty-free under Executive Order (EO) No. 12.
In October 2023, the Board of Investments (BOI) assisted VinFast in their visit to the country, particularly facilitating six meetings between them and local nickel mining companies. They also arranged meetings for partnership opportunities with the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Department of Transportation (DOTr), for VinFast’s interest in the Philippine EV industry.
Pascual also assured potential Vietnamese investors of the current administration’s steadfast efforts to create what it calls a “conducive environment for investments, particularly the Ease of Doing Business (EODB) Act and the recent Executive Order No. 18 on Green Lanes for Strategic Investments.
Photo courtesy of DTI
With this, Pascual assured VinFast of the support it will receive in its outlook to diversify its market and explore mineral processing in the Philippines.
Aside from the EV industry, Pascual also encouraged the Vingroup Company to look for investment opportunities in the tourism and healthcare sectors.
