Electric vehicle maker gets BOI perks

MANILA, Philippines - Electric vehicle maker KEA Industrial Corp. has secured tax perks for its P13.8 million manufacturing project in Cavite.

“The Board of Investments (BOI) approved the P13.8 million project of KEA Industrial Corp. as a new domestic producer of electric vehicles specifically e- trikes,” the agency said yesterday.

The firm, which is located in Bacoor, Cavite, is slated to start commercial operations in December.

The company plans to produce 70 units of e-trikes annually.

It intends to employ 24 personnel for its plant’s operations.

With the approval of the registration of the project by the BOI, the firm can enjoy incentives such as income tax holidays as well as duty-free importation of capital equipment.

The government offers incentives to firms that invest in activities listed in the Investment Priorities Plan (IPP) to encourage companies to undertake projects which create jobs and support economic growth.

Under the 2012 IPP, the manufacture or assembly of motor vehicles has been identified as a preferred activity.

The coverage of motor vehicles includes alternative fuel vehicles and electric vehicles.

KEA Industrial Corp. is a 100 percent Filipino-owned firm.

The firm has tied-up with different local government units for the Climate Friendly Cities program.

The Climate Friendly Cities program aims to use energy from organic wastes from the wet markets, business establishments, household and farms to power  an environment-friendly public transportation system such as electric vehicles.