MANILA — Prices of electric vehicles (EVs) in the Philippines are expected to drop by 6 to 12 percent following the official signing of Executive Order (EO) No. 121 by President Ferdinand R. Marcos Jr. The landmark order establishes the Electric Vehicle Incentive Strategy (EVIS) Program, aimed at transforming the country into a regional hub for EV manufacturing.

According to Department of Energy (DOE) Secretary Sharon Garin, the price reduction could yield consumer savings of up to PHP 200,000 per vehicle, depending on the model. Garin emphasized that lower production and logistics costs will boost market competition and broaden EV accessibility for Filipino families.

"The President has made it clear that the Philippines should not only use electric vehicles—we should build them," Garin stated. She highlighted that localizing production helps shield consumers from volatile global petroleum prices while advancing the nation's transition toward renewable energy.

Echoing these views, Trade and Industry Secretary Ma. Cristina Roque hailed EO 121 as a pivotal step for industrial transformation. Roque noted that the policy creates a robust domestic manufacturing ecosystem designed to attract foreign investment, integrate local suppliers into global value chains, and generate high-quality jobs.

To ensure seamless implementation, EO 121 establishes the Inter-Agency Committee on Electric Vehicle Industry Development, bringing together key government bodies—including the DOE, Department of Trade and Industry, and Department of Finance—alongside private sector stakeholders.

With EO 121 now active, the government sends a clear signal to international markets: the Philippines is ready to compete in the rapidly expanding sustainable mobility sector.

[ⓒ Global Economic Times. 무단전재-재배포 금지]