The Philippines has the building blocks to support a competitive electric vehicle (EV) industry, a World Bank study said.
Corazon Halili, executive director of the Board of Investments, in her presentation at the Livable Cities Forum on Wednesday, the Philippines has aligned its EV roadmap to the WB study on the reconfiguration of the country’s participation in global value chains (GVCs) which has seen a rapid switch to EVs
Halili said the study noted the country has the foundation in terms of converting voluminous quartz and cobalt resources into lithium ion EV batteries.
The country can also leverage on its electronics strength to transition into EV electronic systems and sub assemblies.
Halili added WB also noted the Philippines can design customized integrated circuits for automotive original equipment manufacturers and tier one companies.
The WB also found the country’s potential to attract an automotive outsource facility to form the core of the country’s mega automotive cluster.
“In this light, the opportunity for us lies in upgrading our participation in the electronics GVCs. . We can do well by attracting foreign direct investments to complement our local investments in the same capacity so that more value added is captured and manufacturing retained, and expanded,” Halili said.