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4 clusters · 12 sources · 29 days · First seen · Last updated

Philippines EV incentive program

Overview

In late July 2026, the Philippines announced a US$1 billion electric-vehicle incentive scheme (EV Incentive Strategy, EVIS) that would cover up to 40% of costs for fully electric vehicles and 30% for hybrids, fuel-cell, and plug-in models. President Ferdinand Marcos Jr. signed Executive Order 121 the same day, formalizing the program and earmarking up to PHP 60 billion in fiscal incentives. Eligibility is tied to a minimum PHP 5 billion investment and a production quota of 10,000 units. The order introduced performance-based mechanisms—Fixed Investment Support and Production Volume Incentives—requiring firms to meet investment thresholds and launch up to two locally produced EV models within three years.

Finance Secretary Frederick D. Go hailed the initiative as a step toward a globally competitive EV manufacturing sector, expecting reduced fossil-fuel imports, quality-job creation, and a regional automotive hub. By early August, the government confirmed plans to settle roughly PHP 4 billion in outstanding incentives owed to Toyota and Mitsubishi under the earlier Cars program. The Board of Investments is also drafting a new “Race” program with a PHP 9 billion budget for three ICE manufacturers. Mitsubishi Motors Philippines pledged PHP 7 billion to produce the country’s first locally made hybrid EV.

By late August, Trade and Industry Secretary Cristina Roque stated the Department of Trade and Industry (DTI) aims to settle approximately PHP 4.081 billion in unpaid tax certificates using savings from the Department of Public Works and Highways’ 2025 budget. Mitsubishi Motors Philippines Corp. and Francisco Motors Corp. have expressed interest in EVIS, which the DTI expects to finalize within one to two months.

Entities

Mitsubishi Motors Philippines Corp. · Ferdinand Marcos Jr. · Department of Trade and Industry · Board of Investments · China

Timeline

  1. 25 days ago

    [BUSINESS] 2 sources
    Philippines to launch new automotive incentive programs

    The Philippine government plans to settle P4 billion in unpaid automotive incentives before launching new EV and industry competitiveness programs, including the PHP60-billion EVIS initiative.

  2. about 2 months ago

    [BUSINESS] 3 sources
    Philippines launches P60 billion electric vehicle incentive program

    The Philippines approved a P60 billion EV incentive plan and aims to clear pending P4 billion ICE incentives for Toyota and Mitsubishi, while drafting a new P9 billion Race program for ICE makers.

  3. about 2 months ago

    [BUSINESS] 5 sources
    Philippines launches EV Incentive Program under President Marcos

    President Marcos approved a PHP 60 billion EV incentive program, urging local manufacturers to invest and produce hybrid and electric vehicles, with Finance Secretary Go calling it a boost for jobs and energy‑s

  4. about 2 months ago

    [BUSINESS] 3 sources
    Philippines unveils $1 bn EV subsidy to become Southeast Asian auto manufacturing hub

    The Philippines launched a $1 bn EV subsidy covering up to 40% of electric‑vehicle costs, requiring a $81 m investment, to become a Southeast Asian auto hub amid rising Chinese manufacturing influence.

Sources

abogado.com.ph · astig.ph · business.inquirer.net · cafebiz.vn · dof.gov.ph · en.baoquocte.vn · gulfnews.com · logisticsnews.ph · m.soha.vn · newsbytes.ph · opinion.inquirer.net · thephilbiznews.com

This summary has been updated 2 times: see revision history