Manila, Philippines — The Board of Investments (BOI) is pushing the electric vehicle (EV) industry in the country to give much needed boost with the launch of a P550-million electric tricycle project in Metro Manila on Thursday.
The EVs project — which is funded through a grant from Japan’s New Energy and Industrial Technology Development Organization (Nedo) and with the help of Japanese telecommunications and Internet corporation SoftBank — promotes the widespread adoption of electric vehicles for public transport in the Philippines. The goal is to ultimately make the country a manufacturing hub in Southeast Asia, according to the executive director at the BOI, Maria Corazon Halili Dichosa.
BOI executive director Dichosa also added that the more people get used to the electric vehicles, the higher the demand would be. With that being said, it was expected to encourage more local operators to embrace the use of the EVs and to grow domestic production.
About 10-percent of these kinds of vehicles maneuvering the Philippines’ thoroughfares can already return significant benefits for the economy, including 100,000 new job opportunities, over P1.6 billion in health benefits, and reduction in vehicle maintenance costs, as well as in air pollution, and among others.
The newly launched electric vehicle project in the country, called the Mobility as a System (MaaS), saw the launched of 50 e-trikes that would crisscross a fixed route within the Intramuros. A total of 17 charging stations would also be deployed within the location.
The EVs project would be running for a couple of years starting this month of October through September 2018.
“This is still an emerging industry. We still have a small number of players and units. We’re still at the stage wherein we are still implementing the electric vehicle roadmap. We’re still at that stage of figuring out how to make acquisition of EVs more affordable and reasonable,” Dichosa explained.
Dichosa also added that the government was working with the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines to help potential operators tap manufacturers. — TheVader.com