Philippines launches EV Incentive Program under President Marcos

President Ferdinand Marcos Jr. signed Executive Order 121 to create the Electric Vehicle Incentive Strategy (EVIS) Program, offering up to PHP 60 billion in fiscal incentives for manufacturers of hybrid and battery‑electric vehicles and their parts. Qualified firms must invest at least PHP 5 billion, meet production targets and introduce up to two locally made EV models within three years, receiving Fixed Investment Support or Production Volume Incentives.

Finance Secretary Frederick D. Go praised the program as a major step toward a globally competitive EV manufacturing sector, expecting it to cut fossil‑fuel imports, create quality jobs and position the Philippines as a regional automotive hub. The Department of Finance, Department of Trade and Industry and the Board of Investments helped design the performance‑based framework and monitoring mechanisms.