Government nears rollout of EV incentive plan

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May 14, 2026 | 12:00am

MANILA, Philippines — A program aimed at incentivizing the local manufacture of electric vehicles or EVs may be released soon, according to the Department of Finance (DOF).

“I think it’s soon…We’re all determined to make it happen,” Finance Secretary Frederick Go told reporters, when asked about the timeline for the launch of the EV Incentive Strategy.

The EVIS, he said, has already been presented to President Marcos, but the Board of Investments (BOI) is still working with other agencies in the Fiscal Incentives Review Board (FIRB) on the details of the program.

“It needs everybody’s cooperation,” he said.

Apart from the DOF and the Department of Trade and Industry (DTI), the FIRB is composed of the Department of Budget and Management, Department of Economy, Planning and Development and the Office of the President.

“There are steps that we need to take care of. We just need to go through that process,” Go said.

Earlier, Trade Undersecretary and BOI managing head Ceferino Rodolfo said that the executive order (EO) for the EVIS is expected to be released before Marcos’ State of the Nation Address, which will take place in July.

Based on consultations conducted by the DTI, the government is looking to provide a P60-billion fiscal incentive package for the proposed EVIS, which will be open to manufacturers of four-wheeled EVs such as battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles.

Under the proposed EVIS, there will be four participants, with each receiving P15 billion worth of fiscal support in exchange for their investments in EV manufacturing.

Unlike the government’s previous vehicle manufacturing incentive program, the Comprehensive Automotive Resurgence Strategy (CARS) program, the proposed EVIS does not set a production volume target for participants.

The proposed EVIS also has a higher fiscal package compared to the P27 billion allotted under the CARS program.

Under the CARS program, the government offered fiscal support to firms that invest and produce at least 200,000 units of their enrolled vehicle model within six years.

Earlier, Trade Secretary Cristina Roque said the government wants to fast-track the release of the EO on EVIS as the tensions in the Middle East have pushed up fuel prices and driven demand for EVs.