An electric vehicle (EV) manufacturing firm is in discussion with the Department of Trade and Industry (DTI) for a “big” investment in the production of EVs with potential project cost in the range of USD1 billion.
The planned investment was revealed Tuesday by Finance Secretary Frederick Go and was confirmed later by the DTI Secretary Ma. Cristina A. Roque during the ASEAN Editors and Economic Opinion Leaders Forum 2026.
Roque refused to reveal the identity of the prospective investor, but said the project cost it may pour could be in the range of USD1 billion, describing the project as “big one” and “substantial”.
She also said that the ongoing “good discussions” maybe completed within the year.
What is good with an EV project, she said, is that it will create more local jobs because it is a manufacturing operation.
In an earlier presentation, Go cited electric vehicle components as one of the major investment campaigns for the Philippines.
“We’re talking here about electric batteries because the main ingredient for electric batteries are of course nickel and copper, something that is found in abundance in the Philippines,” he said.
In this light, Go cited the passage of the Mining Fiscal Regime Act last year.
Go said that the Mining law restores predictability in doing business for the mining industry. It also restores confidence in the domestic mining industry, he added.
