“The country can now look forward to transitioning to sustainable transportation with the Electric Vehicle Industry Development Act having lapsed into law last April 15,” the senator said.
The senator struck an upbeat tone foreseeing local production of electric vehicles , noting “some industry players already initiated it ahead of this new law.” He projected, “This will not only increase the uptake of EVs but likewise pave the way for the generation of new jobs and reduce the transportation sector’s reliance on imported fuel.”
Reminding that CREVI shall be incorporated in the Philippine Energy Plan and the National Transport Policy, he noted that the measure also requires industrial and commercial companies, such as cargo logistics companies, food delivery companies, tour agencies, hotels, power and water utilities to ensure that at least 5 percent of their fleet should comprise EVs, adding public transport operators and government units are also included.
Moreover, he projects that “if implemented correctly, it can help reduce oil consumption in the country by as much as 146.56 million barrels per year and create $9.8 billion or almost P510 billion in savings per year based on the current exchange rate.