President Ferdinand Marcos inaugurated the Philippines’ first electric vehicle (EV) battery factory on September 30, 2024, emphasizing its importance for the future of clean energy. The Australian-owned lithium-iron-phosphate plant, located in New Clark City, aims to produce two gigawatt-hours of batteries annually by 2030, which could power around 18,000 EVs or nearly 500,000 home battery systems.
Marcos highlighted the factory’s potential to position the Philippines as a significant player in clean energy storage. The facility is expected to create 2,500 local jobs and inject approximately PHP 5 billion (USD 89.2 million) into the economy each year. This investment supports the government’s goal of transitioning to renewable energy and attracting further investments in the sector.
(ABS-CBN News)