More electric vehicle investments sought
MANILA, Philippines – The Philippine Economic Zone Authority (Peza) is stepping up efforts to attract more automotive investments, particularly in electric vehicles (EVs), as it positions its ecozones as manufacturing and export hubs.
Peza Director Gen. Tereso Panga said the agency’s economic zones offer investment-ready locations, fiscal incentives and logistics connectivity that could appeal to vehicle manufacturers looking to expand in the Philippines.
In fact, Indonesian automotive companies Astra Visteon and Diametral Involute recently registered with Peza, Panga said.
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Another carmaker Peza is hoping to attract is VinFast Auto Ltd., Vietnam’s pioneering EV manufacturer, which has already established a presence in the Philippines through vehicle sales and its partnership with Green GSM.
In a message to the Inquirer, Panga said VinFast was studying setting up charging facilities within Peza sites and also potentially manufacturing EV charging equipment there.
“The entry of VinFast into ecozones would complement Peza’s ongoing initiatives to attract investments in electric vehicle manufacturing, battery assembly, automotive electronics, charging infrastructure and other sustainable mobility technologies,” Peza said.
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“We expect more Vietnamese manufacturing firms to consider locating in Philippine ecozones to take advantage of our growing domestic market, strategic location, skilled workforce and preferential access to key destinations,” Panga added.
VinFast has been expanding its footprint in the Philippines, with its charging infrastructure unit partnering last month with the Provincial Government of Bataan to deploy 600 charging stations and 1,200 battery-swapping stations.
Business mission
Peza said it had also discussed with Vietnamese Ambassador to the Philippines Lai Thai Binh the possibility of organizing a business delegation to the country that could include representatives from VinFast.
Panga said the agency expects stronger economic ties between the Philippines and Vietnam following Vietnamese President To Lam’s two-day state visit last month.
“The upgraded partnership opens new opportunities for Philippine and Vietnamese businesses to collaborate, integrate into regional supply chains and strengthen their presence across Asean and global markets,” he said.
Panga added that while the Philippines and Vietnam compete for foreign direct investments and export opportunities, both countries could also benefit from deeper cooperation.
“While the Philippines and Vietnam naturally compete for foreign direct investments and export opportunities, there is significant potential to achieve synergies through complementary market strategies within Asean,” he said. INQ
