MANILA, Philippines — The International Finance Corp. (IFC) and engineering and construction firm First Balfour Inc. have agreed to work together to promote electric vehicles (EVs) in the country.
In a statement, IFC said it has agreed to collaborate with First Balfour in the conduct of assessments and viability studies to develop an EV system in the First Philippine Industrial Park (FPIP) in Batangas.
The studies will include charging infrastructure to be powered completely by renewable energy.
Covering over 500 hectares, FPIP is one of the largest industrial parks in the country, hosting more than 140 locators that employ about 70,000 individuals.
FPIP was established by First Philippine Holdings Corp. (FPH) with Japanese conglomerate Sumitomo Corp.
First Balfour, a wholly owned subsidiary of FPH, was involved in the development of some of FPIP’s infrastructure.
“Aligning with our mission towards decarbonization, we are actively exploring opportunities in the EV space to be able to provide an integrated infrastructure and services to our customers, such as FPIP. In this context, IFC’s expertise will help us develop highly relevant market solutions that will ultimately help us to contribute to our country’s resilient future,” First Balfour president and chief operating officer Anthony Fernandez said.
FPIP has been looking at ways to have a more efficient transportation system within and outside the industrial park.
“A huge investment opportunity over the next decade, EVs are critical in the fight against climate change and can help reduce emissions, lower transport costs, and create thousands of green jobs. So, developing an efficient and thriving e-mobility ecosystem is crucial for the Philippines to meet its climate commitments,” IFC Philippines country manager Jean-Marc Arbogast said.
“The project will also help diversify FPIP and First Balfour’s infrastructure services and hopefully bring in new market players and spur the evolution of the local EV segment in the country,” he said.
The Philippines is among the countries most vulnerable to the impact of climate change.
With transport being the largest source of air pollution and energy-related greenhouse gases (GHG) in the Philippines, the IFC said EVs can help the country meet its goal of reducing GHG emissions by 75 percent of baseline by 2030.