The Philippine Economic Zone Authority (PEZA) has signed a Memorandum of Understanding (MoU) with South Korean company, EnPlus Co Ltd. to help set up joint ventures to provide and manufacture fuel-saving electric vehicles (EV) in economic zones.
According to PEZA, EnPlus will be the first electronic vehicle manufacturer to be registered under PEZA where it can avail special incentives for pioneering projects. EnPlus is investing PHP 5 billion (USD 99.5 million) to manufacture and operate facilities of electric cars and electric jeepneys in the municipality of Pulupandan (Port of Pulupandan), Negros Occidental.
Under the agreement, PEZA will provide a 30-hectare site to attract prospective customers to the EnPlus plant for joint investment ventures and other related agreements. It also stated that both parties will strengthen cooperations in the areas of business match-making, conducting special briefings, and roundtable discussions to achieve economic growth for the Philippines in the future and maintain a greener and more sustainable growth in the country.
To date, PEZA manages 415 economic zones nationwide which host 4,665 locator companies that directly employ 1.6 million workers. PEZA has also generated over PHP 32 billion (USD 637.6 million) of investments and USD30.2 billion of exports in the first half of 2021.
(Sources: Philippine Economic Zone Authority; Business World; The Philippine Star)