Korean Electric Vehicle Companies Seek Government Support To Enter PH
KOREAN ELECTRONIC VEHICLE – The electric vehicle firms from South Korea are seeking more support from the government to enter the PH trade.
An electric vehicle or (EV) uses traction motors or electric motors powered through solar panels, electric generators or battery.
Several countries have created and manufactured these kinds of vehicles like China, France, United Kingdom, Spain, and Korea.
Most of those countries plan to ban the use of petroleum gas or diesel by cars in the future.
Meanwhile, in the Philippines, thousands of people have already adopted the use of EV for transportation.
Based on a report from Philstar, some EV companies from South Korea are seeking support from the government to persuade Pinoy investors and promote the EV industry in the Philippines.
DTI issued a statement saying the International Electric Vehicle Association and other Korean EV firms including POSCO E&C, Philips Group, and Hyundai Motors are encouraging the Philippines to give more incentives to the EV companies.
According to the report, those EV companies raised the DTI’s idea providing tax holidays, monetary support for every EV vehicle produced, and government cost sharing in charging.
The government in South Korea and other alliance of the Association of Southeast Asian Nations have implemented it.
Those countries have programs to promote the foundation of the EV industry through free parking and free registration.
Based on the report, DTI Secretary Ramon Lopez said their proposal will benefit the wider market via Philippines’ deal with the United States, European Union, and the European Free Trade Association.
“The Philippines is an ideal geographic base for South Korean manufacturing companies, specifically those focusing on automotive and auto parts, electronics and semiconductors, food processing, agribusiness, and other labor-intensive industries.”
“South Korea is a manufacturing powerhouse and expanding the business operations in the Philippines is a win-win, with businesses having greater market access for their products and being our partner in providing jobs and opportunities to Filipinos,” he said.
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