Philippines launches P60 billion electric vehicle incentive program

President Ferdinand Marcos Jr. signed Executive Order No. 121 to create the Electric Vehicle Incentive Strategy (EVIS), a P60 billion package that offers time‑bound, performance‑based fiscal support for companies that produce electric vehicles in the Philippines. Finance Secretary Frederick Go said the program is meant to build a globally competitive EV manufacturing ecosystem, strengthen local supply chains, improve energy security and generate jobs for Filipino workers.

The government also plans to settle the remaining roughly P4 billion in incentives owed to Toyota and Mitsubishi under the earlier Comprehensive Automotive Resurgence Strategy (Cars) program before year‑end. The Board of Investments is drafting a new Race program with a proposed P9 billion budget to fund three ICE manufacturers over three years. Mitsubishi Motors Philippines Corp. has pledged P7 billion to produce the country’s first locally made hybrid EV at its Santa Rosa plant, while Toyota’s Vios sedan was the largest beneficiary of the Cars incentives.