MANILA, Philippines - The Electric Vehicle Association of the Philippines (EVAP) is pushing for tie-ups between funders and EV players to hasten the growth of the industry.
“We need funders, financing people or angel investors to come in and tie up with credible and reliable EV players to finally catapult the EV industry into the mainstream and achieve economies of scale,” EVAP president Rommel Juan said in a statement yesterday.
With over 40,000 taxis, 370,000 jeepneys and 3.5 million tricycles being used nationwide, the EVAP sees opportunities for green eco-friendly mobile solutions like EVs in the country.
“EVAP has already established the credible players in the EV Industry and we urge consumers and prospective EV program implementors to please check first with EVAP on who they can recommend to be credible suppliers,” Juan said.
Funders interested in EV projects are likewise advised to contact the industry group to ensure they are matched with credible firms.
Juan noted there are many EV suppliers in the country which have solid track records.
These firms have production facilities and established local offices to ensure long-term viability and sustainability.
Reliable suppliers such as EVAP members, Juan said, have also secured accreditation with the Manufacturers, Assemblers, Importers and Distributors program of the Land Transportation Office, a requirement to secure permits and license plates for locally-assembled EVs.
“EV operations have suddenly become viable and very attractive to long term investors as it has a return on investment of 24 percent or a payback period of about four years. This does not include the intangibles such as this investment is eco-friendly and green thus definitely suited for the green CSR (corporate social responsibility) agenda of modern multinational companies today,” he said.
Investors could also benefit in terms of getting carbon credits from the green transport projects, with 80 percent of Metro Manila’s air pollution coming from internal combustion engines of second-hand vehicles plying the streets.
The EVAP is pushing for the use of EVs in the country as such provide eco-friendly and efficient transport.
It is likewise encouraging partnerships between foreign and local EV players to position the country as the manufacturing hub for EVs in the region.