WHO would have thought that an inefficient public transport system would entice foreign investors to come here and invest?
Believe it or not, that is what is happening in the domestic electric vehicle (e-vehicle or EV) industry.
According to Rommel Juan, president of the Electric Vehicle Association of the Philippines (EVAP), foreign players are being drawn here because of the country’s inefficient public transport, its huge population, the large number of public transport vehicles to be replaced, government support for investments, and the many capable local companies ready for foreign tie-ups.
He said foreign investors, especially the Japanese, are seeing the Philippines as an
“investment haven” and that in the booming automotive sector, the Philippines has the potential to become “the EV manufacturing hub for Asia.”
“They have thus put the Philippines on top of their list for possible investments ahead of Thailand and Vietnam. And the electric vehicle industry is one sunrise industry they have set their eyes on,” Juan said.
A new Japanese e-vehicle investor — GMS — has recently set up a shop in the Philippines aside from existing Japanese e-vehicle companies in the country, which are Prozza Hirose and E-Trike maker BEMAC Motors.
In addition, Juan said “Taiwanese conglomerate Teco has [also]partnered with Ropali and has set up Roteco to locally assemble electric jeepneys and tricycles.”
EVAP will be holding the Philippine Electric Vehicle Summit on April 14 to 16, 2016, which will focus on attracting more foreign players to invest in the local EV sector.