DTI eyes 680,000 jobs with new EV incentive strategy

The Department of Trade and Industry (DTI) anticipates the creation of approximately 680,000 jobs through the newly approved Electric Vehicle Incentive Strategy (EVIS).

This new strategy is projected to attract P120 billion in capital investments, which will stimulate job growth and generate an estimated P11.4 trillion in economic output.

The EVIS is also expected to increase government tax revenue by P400 billion and save up to $30 billion in foreign exchange by reducing reliance on imported electric vehicles.

As a component of the Electric Vehicle Industry Development Act (EVIDA), the EVIS offers targeted fiscal and non-fiscal incentives to encourage the domestic production of EVs, batteries, parts, charging stations, and testing facilities.

Eligible companies participating in the incentive scheme must adhere to Philippine and international standards, provide long-term after-sales support, and present investment plans vetted by the Board of Investments.

The EVIS has set an ambitious production goal of 9 million electric vehicles, encompassing various types like two- and three-wheelers, passenger cars, buses, and trucks, from 2028 to 2040.