The Philippines is set to accelerate its transition to electric vehicles (EVs) with a significant investment in the sector. In a bid to become a major player in Southeast Asia's growing EV market, the country has announced a $1 billion manufacturing subsidy to attract EV manufacturers and support the development of a local EV industry. The move is seen as a crucial step towards reducing the Philippines' reliance on imported fossil fuels and mitigating the impact of climate change. As the region's EV market continues to expand, the Philippines aims to capitalize on its strategic location and skilled workforce to become a key hub for EV production and innovation.
Philippines joins Southeast Asia's EV race with $1bn manufacturing subsidy Nikkei Asia
