South Korean firm to invest P5B for e-vehicle production in PH

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A SOUTH Korean company will invest P5 billion in the Philippines as its first electronic vehicle manufacturer to be registered under the Philippine Economic Zone Authority (Peza).

Peza Director General Charito Plaza signed on Wednesday, October 21, 2021, a memorandum of understanding (MOU) with EnPlus Co. Ltd. Chief Executive Officer and Chairman Young Yong Ahn for joint ventures to provide and manufacture fuel-saving electric vehicles (EV) in economic zones.

“EnPlus, a Korean company, is now our partner in investing in the countryside and believing in the Philippines as an investment haven in Asia. We appreciate EnPlus in their commitment and alliance with us towards making the Philippines a clean, sustainable, and environment-friendly country," Plaza said in a press release.

The move is seen as a boost to the country's electronic vehicle (EV) industry and production capabilities.

EnPlus can avail of special incentives for pioneering projects.

“EnPlus invests P5 billion to manufacture and operate facilities of electric cars and electric jeepneys in the municipality of Pulupandan (Port of Pulupandan), which is situated in Negros Occidental,” Plaza said.

The MOU signing with Peza and EnPlus is in line with the agency’s goal for a resilient economic zone development specifically in regions outside Metro Manila.

In efforts to contribute to the reduction of the country’s carbon emission, Plaza believed that using EVs is better for the environment as they emit fewer greenhouse gases and air pollutants than vehicles using petrol or diesel.

"In the global context, electric cars have yet to be mainstreamed," she said.

Meanwhile, the chief executive officer and chairman of EnPlus, Ahn Young Yong has expressed his gratitude to Peza. He said, “EnPlus really appreciates partnering with Peza in supplying electric vehicles.”

“We are also thankful to the Philippines for [allowing us] to supply more than 100 units of pump trucks, water trunks, aerial ladder and rescue trucks last year in the country," he said.

The EnPlus CEO said they would like to make a better world and provide more firetrucks and electric vehicles to the Philippines.

"With this, we would like to expand our business in your country to manufacture environment and energy-friendly vehicles starting with your jeepneys since they are the most popular mode of transportation in your country," he said.

On the part of Peza, the agency will provide a 30-hectare land to link prospect industries to EnPlus for joint investment ventures and other related agreements for eligible projects of Peza.

Under the signed MOU, Peza and EnPlus will strengthen cooperative approach in the means of business matchmaking, conducting special briefings, and roundtable discussions to achieve the middle-class status of the Philippines in the years to come and to maintain economic, greener, and sustainable growth in the country. (JOB)

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