Philippines is in the bullseye of the world’s 2nd largest electric vehicle maker, BYD, as a location for an EV assembly plant.
Zero tariff on importations, a favorable supply chain, and the second largest access to nickel deposits in the region puts the Philippines in the bullseye of the world’s second largest electric vehicle maker, BYD, as a location for an assembly plant estimated to cost $500 million.
BYD is one of several EV brands under scrutiny Fiscal Incentives Review Board , an inter-agency body led by the Philippine Department of Finance and co-chaired by the Department of Trade and Industry collaborating with the Department of Budget and Management , the National Economic and Development Authority and under the Office of the President. Its work is coordinating agencies to grant tax incentives to businesses specially for large scale projects.
Philippine President Ferdinand Marcos Jr. signed it into law last January 13, starting a frenzy of EV importations and setting up sales outlets or distributorships of mostly Chinese-made electric cars. The law temporarily cuts the most-favored nation tariff rates on completely built up electric vehicles, but excludes hybrids from the mix.
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