Marcos rolls out ₱60-B EV incentives

The government is stepping up efforts to position the Philippines as a regional hub for electric vehicle (EV) manufacturing after President Ferdinand R. Marcos Jr. signed an executive order establishing a new incentive program worth up to ₱60 billion for qualified manufacturers.

In a news release dated July 31, 2026, Finance Secretary and Fiscal Incentives Review Board (FIRB) Chair Frederick D. Go welcomed Executive Order No. 121, which creates the Electric Vehicle Incentive Strategy (EVIS) Program, describing it as a major milestone in building a globally competitive EV manufacturing industry in the country.

Approved by the FIRB in May 2026, the EVIS Program offers performance-based fiscal incentives designed to attract large-scale investments in EV production while strengthening the Philippines’ role in the global automotive value chain.

The program provides up to ₱60 billion in fiscal support for qualified manufacturers of Hybrid Electric Vehicles (HEVs), Battery Electric Vehicles (BEVs), and accredited EV parts makers. The government plans to enroll up to four participating manufacturers, with incentives capped at ₱15 billion for each EV model.

According to the Department of Finance (DOF), the initiative is expected to reduce the country’s dependence on imported fossil fuels, support the shift to cleaner energy, improve long-term energy security, and create quality manufacturing jobs.

Secretary Go credited President Marcos for pushing the initiative forward.

“The EV Incentive Strategy sends a clear signal that the Philippines is ready to compete for the next generation of automotive investments. Through a targeted and performance-based incentive system, we are encouraging manufacturers to build, innovate, and grow in the Philippines while creating quality jobs for Filipinos,” he said.

“We thank President Ferdinand R. Marcos Jr. for his steadfast leadership and vision in making this initiative possible,” he added.

The EVIS Program was jointly developed by the DOF, Department of Trade and Industry, Board of Investments, the FIRB, and other government agencies to ensure that incentives are linked to measurable economic outcomes.

Participating manufacturers may register up to two EV models and qualify for either Fixed Investment Support or Production Volume Incentives, subject to investment and performance requirements. Companies must introduce locally manufactured EVs to either the domestic or export market within three years of registration.

The program also includes compliance safeguards such as performance bonds and measures preventing the double availment of incentives under the CREATE MORE Act.

Go said the initiative is designed not only to attract investments but also to develop a stronger local supply chain for the country’s growing EV industry.

“Through EVIS, we are laying the groundwork for a globally competitive EV manufacturing ecosystem — one that will attract high-quality investments, strengthen local supply chains, support our energy security goals, and create more opportunities for Filipino workers. This is a strategic step toward building the country’s industrial future,” he said.