The Department of Energy (DOE) has endorsed to the Board of Investments (BOI) a Php2.5 billion investment by Century Peak Energy Corporation to bring in 20,000 electric vehicles into the country.
Not only would the project increase the number of EVs in the Philippines, but also result in the building of up to 5,000 EV charging stations (EVCS) in the next five years.
Once completed, the venture is expected to reduce up to 145.02 million liters of fuel or at most Php7.99 billion, Energy Sec. Alfonso Cusi said in an EV forum on Thursday.
The BOI itself, however, has yet to disclose any information on the investment.
Cusi, nonetheless, said the DOE is hopeful that it would be able to work on more EV projects, adding that it depends on strong private-public partnerships for their success.
The secretary announced the investment amid a significant decline in EV registrations. Electric Vehicle Association of the Philippines President Edmund Araga said that these fell by 35% to 1,015 last year from 1,570 prior. He added that a total of 12,965 EVs have been registered from 2010 to 2020.
Last May, the Senate passed the proposed EVCS Act, which aims to promote the use of EVs in the country. The bill is now pending in the House of Representatives. Before this, the DOE drafted a circular targeting the development and operation of EVCS.