28.7 C
Monday, April 15, 2024

Business chambers and groups press congressional passage of EV bill

- Advertisement -

Local and foreign business groups sought for the immediate approval and ratification of the bill pertaining to electric vehicles (EV) by the House and Senate.

In a joint statement issued on Wednesday, the parties said they hope to have the ratification be completed before Congress goes into recess on December 15.

The signatories noted that the House of Representatives approved the Electric Vehicle Industry Development Act on third and final reading back in September. This, after the Senate greenlighted the Electric Vehicles and Charging Stations Act.

In an August 31 letter to Congress, the business groups supported the measure that creates a national EV energy policy framework, extend assistance to critical EV infrastructure and provides incentives to accelerate adoption of EVs and charging stations.

They also enjoined the Philippines to participate immediately in the global EV shift. “[S]uch a shift away from the dominant propulsion system for motor vehicles is nothing less than revolutionary and needed to meet rising health and environmental concerns,” the groups said.

The bill will allow the country to have greater participation in the EV supply chain, they said, in addition to addressing health and environmental concerns. The value chain includes the components, batteries and charging stations.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act can also attract future investors in EV manufacturing given its incentives menu, the groups noted.

“Passage of the measure enables and supports the Department of Trade and Industry in its endeavors to promote the Philippines as a regional hub for EV manufacturing,” they said.

The signatories include the American Chamber of Commerce of the Philippines, Australian-New Zealand Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, Electric Vehicles Association of the Philippines (EVAP), European Chamber of Commerce of the Philippines and IT and Business Process Association of the Philippines.

In addition, the Japanese Chamber of Commerce and Industry of the Philippines Inc., Korean Chamber of Commerce of the Philippines Inc., Management Association of the Philippines, Philippine Association of Multinational Companies Regional Headquarters Inc., Philippine Parts Maker Association Inc. and Semiconductor and Electronics Industries in the Philippines Foundation Inc. also signed the statement.

Earlier, EVAP said it sees a positive outlook for the EV industry given the “growing interest” from the part of potential investors and regulatory moves to beef up the sector despite the pandemic delaying its progress.

Registered EVs slid by 35 percent to 1,015 units last year from 1,570 units in 2019. From 2010 to 2020, the country has 12,965 EVs registered with the Land Transportation Office (LTO).

These include mostly e-trikes (7,100) and e-motorcycles (4,845). Others are e-jeepneys (679), e-cars (276), e-sports utility vehicles (43), e-trucks (12) and e-buses (10).

Read full article on BusinessMirror

- Advertisement -

Leave a Reply

- Advertisement -

Related Articles

- Advertisement -
- Advertisement -

Latest Articles

- Advertisement -