Korean firm investing P5 B for EV production in PH

Published October 22, 2021, 7:06 PM

by Bernie Cahiles-Magkilat

Korean firm ENPLUS Co. Ltd. is investing P5 billion for manufacture of electric vehicles (EVs) in economic zones, the Philippine Economic Zone Authority (PEZA) announced.

PEZA Director General Charito B. Plaza

PEZA Director General Charito B. Plaza signed on Wednesday, Oct. 21, a memorandum of understanding (MOU) with ENPLUS Co. Ltd. CEO and Chairman Young Yong Ahn for the planned partnership.

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

ENPLUS will manufacture and supply electric cars and electric jeepneys in the Philippines. The project is eligible for special incentives being a pioneering in nature, she 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 match making, 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.

Special advisor of the PEZA Director General Charlie Wee shared that EnPlus has already donated a fire truck and will donate ambulances to PEZA which will be shipped next month.

“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,” said Plaza.

The MOU between 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, the PEZA Chief believes that “Using EVs are better for our 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.”

Meanwhile, EnPlus CEO and Chairman Ahn Young Yong 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 in a statement.

The EnPlus CEO also noted, “We’d like to make a better world and provide more fire trucks 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.”