MANILA -Power utility distributor Manila Electric Co. (Meralco) on Tuesday announced the incorporation of a new subsidiary that it expects to become a major player in the growing electric vehicle industry.
In a stock exchange disclosure, Meralco said it had received documents from the Securities and Exchange Commission approving the incorporation of Movem Electric Inc.
“The new subsidiary will focus on the development and deployment of different electric transport solutions,” the distributor said in a statement.
Among Movem’s functions is the management of equipment and vehicles of transport service networks that utilize electric energy and other alternative energy sources.
This is to differentiate Movem from eSakay, another subsidiary of Meralco that operates a fleet of electric-powered jeepneys.
Meralco launches e-jeepneys for Makati-Mandaluyong route
eSakay focuses on public transportation service and aims to be an end-to-end electric vehicle solutions provider by modernizing transport systems for the riding public.
The Electric Vehicle Association of the Philippines, citing data from the Land Transportation Office, said there were 13,934 registered electric vehicles in the country as of 2021. INQ