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BoI seeking European funding for EV, RE dev’t

THE Department of Trade and Industry (DTI) said on Wednesday that the Board of Investments (BoI) will embark on an investment mission to Europe to solicit electric vehicle (EV), renewable energy (RE), upskilling, and agriculture investments.

In a statement, Trade Secretary and BoI Chairman Alfredo E. Pascual said that the investment promotion agency will be visiting Paris, London, and Berlin for roundtable and one-on-one meetings with industry representatives.

Mr. Pascual recently attended the European-Philippine Business Dialogue, presenting key industries welcoming European investment, including the industries that the BoI will deliver presentations on.

He said that the Philippines “is strategically positioned to become a leading player in Southeast Asia’s EV market,” which the DTI plans to achieve through the EV Incentives Scheme (EVIS).

“Through the EVIS, we target to produce four million locally manufactured EVs in the next 10 years,” he said.

“To achieve this, we aim to manufacture e-public utility vehicles (e-PUVs) and two-wheelers as our niche in Southeast Asia. We seek to be a competitive exporter of these products in our region,” he added.

He said European investors will have ready access to abundant green metals, a robust electronics industry, and a software development industry.

“These strengths complement the EU’s goal of eliminating greenhouse gas emissions by 2050 and support the transition from internal combustion engines to EVs,” he said.

“We are on track to build capacity for our flagship e-PUV model and develop light trucks and social-purpose vehicles to expand our domestic and export capabilities,” he added.

For renewable energy, he said that the Philippines has rich sources of renewable energy. He added that agriculture accounted for around 9% of Philippine gross domestic product and nearly 24.4% of the workforce last year.

“To seize these opportunities, the BoI is set to conduct a follow-through outbound mission to Europe for investment promotion with a focus on key markets in Paris, London, and Berlin,” Mr. Pascual said.

He said the Philippines produces around 900,000 graduates a year which will help support growth in the EV, renewable energy, and agriculture industries.

“The National Government calls for stronger collaboration with the EU on skills recognition, validation, and qualification alignment — all aimed at strengthening education and training systems to better serve the needs of European businesses operating in the country,” he added. — Justine Irish D. Tabile