FINANCE Secretary Benjamin Diokno and key government officials witnessed the signing of a lease agreement between American company Envirotech Vehicles (EVT) and Clark-based developer Berthaphil, Inc. for the establishment of an electric vehicle manufacturing plant in Clark Freeport Zone.
EVT is a transportation provider and manufacturer of all-electric and zero-emission vehicles, specifically electric and hybrid-electric buses and trucks.
“Today’s signing of the lease agreement of Envirotech Vehicles or EVT marks an important first step in our efforts to develop the electric vehicle industry in the Philippines and advance the country’s goal of becoming a regional hub for manufacturing,” Finance Secretary Benjamin Diokno said in his remarks.
He further noted that EVT can benefit greatly from the Philippines’ pool of young, highly-skilled, tech-savvy, and globally competitive workers.
Diokno highlighted key investment-friendly reforms that have made the Philippine business environment more attractive to electric vehicle industry players.
In 2022, the government enacted the Electric Vehicle Industry Development Act (EVIDA), which aims to promote an equitable, competitive, and non-discriminatory environment for private sector participation in the electric vehicle industry.
EVIDA also provides fiscal and non-fiscal incentives that will significantly reduce the cost of doing business and quicken the development, commercialization, and utilization of electric vehicles in the country.
Furthermore, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act provides an enhanced menu of performance-based tax incentives.
The electric vehicle industry is qualified to apply for incentives under Tier 2 of the Strategic Investment Priority Plan (SIPP), which covers electric vehicle assembly and manufacturing, as well as the establishment of electric vehicle infrastructure.
“We are determined to not only catch up with the developments of the electric vehicle industry, but to take larger, bolder strides to stay a step ahead of the game at the soonest possible time. We look forward to welcoming EVT here in the Philippines to become a part of this grand undertaking,” Diokno said in closing.
