THE Board of Investments (BoI) said it is seeking to attract investment in electric vehicle manufacturing, including production of wiring materials, in which the Philippines enjoys advantages in terms of access to supply.
“There’s also a special focus within automotive on electric vehicles… electric vehicles will be dependent on copper wire, so it’s really filling in the value chain gap,” BoI Managing Director Ceferino S. Rodolfo said in a news conference Tuesday.
The government’s “Make It Happen in the Philippines” international investment marketing campaign will focus on the automotive, aerospace, electronics, copper and nickel, and business process outsourcing sectors.
Mr. Rodolfo said that the government selected sectors that could generate the most investment post-pandemic, noting that the Philippines can leverage its strengths in electronics production to become competitive against other automotive producers.
“Plus also, (we have an) advantage when it comes to copper, nickel, and other products that are needed for batteries.”
Trade Secretary Ramon M. Lopez said the areas of focus were selected based on how they could fill value chain gaps.
“It’s not a complete value chain. Some sectors or stages are being done here. We have to export, and then reimport. So we’re trying to address those and really encourage certain activities.”
A roadmap developed by the Trade department and EV Association of the Philippines has set a target for electric vehicles of a 21% share of the car fleet in the Philippines by 2030.
BoI-approved investment fell by almost a fifth to P826 billion in the first 10 months, compared to the agency record of P1 trillion a year earlier. — Jenina P. Ibanez