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Radisson targets to finish Makati serviced apartments by 2027

PHILSTAR FILE PHOTO

RADISSON Hotel Group expects to complete its new upscale serviced apartments in Makati City by 2027, a company official said.

“Radisson Serviced Apartments Salcedo Makati is a conversion project involving a full-scale renovation of the existing serviced apartments currently operating as One Pacific Place Serviced Apartments,” Ramzy Fenianos, chief development officer for Asia-Pacific, said in an e-mail.

The renovation will be carried out in phases, Mr. Fenianos said.

“However, we anticipate opening select sections as key milestones are achieved, targeting an official launch by 2026.”

The renovation is intended to align the property with Radisson’s latest global standards and design guidelines, he added.

“The updates will include enhancements to design, service, and overall functionality, making the apartments distinctly different from their current form and delivering an elevated guest experience,” Mr. Fenianos said.

The project will be Radisson Hotel Group’s first branded hotel and upscale serviced apartment in the capital region and its 16th property in the Philippines.

Located in Salcedo Village, Makati City, Radisson Serviced Apartments will feature around 162 spacious, contemporary units for corporate and long-stay guests.

It boasts proximity to Makati’s financial and entertainment districts, as well as major banks, embassies, multinational headquarters, shopping centers, and popular entertainment venues.

The property will also offer a wide selection of local and international cuisines. Guests will have access to flexible meeting spaces for business and social gatherings, as well as corporate events.

Other amenities include a state-of-the-art gym and a pool.

Cactus Realty Corp., the flagship company of the ACI Group, was tapped as a partner for the project.

“The signing of this hotel management agreement represents a new chapter in our journey, and we are excited to embark on this venture with Radisson Hotel Group,” Cactus Realty Corp. Vice-President Denise Lieuson said in a statement last week.

“Radisson’s expertise and global reach will undoubtedly elevate our property’s standards and enable us to tap into new markets, explore fresh opportunities, and create lasting value for our stakeholders,” she added.

Radisson Hotel Group currently operates 1,460 hotels, both in operation and under development, across more than 100 countries in the Asia-Pacific, Europe, the Middle East, and Africa. — Beatriz Marie D. Cruz

Net Foreign Direct Investment

NET INFLOWS of foreign direct investment (FDI) into the Philippines slumped in November, preliminary data from the central bank showed. Read the full story.

Net Foreign Direct Investment

The 2016 Arbitral Ruling: Why institutions and resolve matter

CHRISTIAN LUE-UNSPLASH

Heading into the new year, Philippines-China relations have been marked by increasing tension, with China intensifying its aggressive actions targeting Philippine-claimed reefs, including Bajo de Masinloc (BDM) or Scarborough Shoal, which is 124 nautical miles west of Zambales and within the Philippines’ 300 nautical mile exclusive economic zone (EEZ). Located at the center of the South China Sea, control of Bajo de Masinloc would grant China greater access to Luzon Island, reinforcing a “strategic triangle” that links the shoal with Woody Island and the Spratlys — enhancing its ability to control the South China Sea. Additionally, the shoal is abundant in fishery resources and is the source of livelihood for Filipino fisherfolk.

China has effectively controlled the shoal since 2012. The 2016 Arbitral Ruling declared that BDM is a rock above water at high tide, entitled to a territorial sea. Still, this ruling did not include whether China or the Philippines exercised sovereignty over the shoal. Accordingly, the ruling did not prohibit fishing activities by either party; i.e., both Chinese and Filipino fishers have the right to fish in the area. However, the arbitral ruling also affirms that China’s blockage of the shoal has unlawfully prevented Filipino fishers from pursuing their livelihood.

While the ruling favored the Philippines, China has ignored it, and the international community lacks the means to enforce it. In 2024, the China Coast Guard (CCG) has conducted “dangerous maneuvers” in the waters off BDM, including firing water cannons at a civilian food and supply mission for Filipino fishers under the “Atin ’to” (“This is ours”) transparency initiative launched to shame and expose China’s intimidation. The most recent of these aggressions occurred between Jan. 3-9, on the 13th, and then again on Feb. 2, when China’s “monster” ship, a 12,000-ton, 165-meter CCG 5901 vessel, together with other CCG vessels, was identified patrolling waters some 65-70 nautical miles off Zambales, concerningly close to the Philippine coastline and well within its EEZ.

Analysts argue that this recent deployment serves as reconnaissance, surveillance, and intelligence-gathering, supporting China’s strategy to revise the South China Sea status quo and to shape domestic perceptions of its control over maritime territories within the nine-dash line.

Taiwan international relations specialist Dr. Ronan Tse-min Fu views it as a test of the Philippines’ resolve, especially as China escalates its moves. Recently, China deployed a sonic device against the Philippine Coast Guard (PCG), signaling a new tactic compared to the previous use of lasers, water cannons, shadowing, and ramming.

However, Dela Salle University international relations Professor Renato de Castro describes this as a mere continuation of China’s illegal, coercive, and deceptive, or gray zone strategies. China’s use of gray zone strategies is often intertwined with influence operations framed around narratives of “sea control” against perceived violations of its sovereignty.

Furthermore, China reinforces its cognitive warfare tactics by integrating them with lawfare. In November 2024, following President Ferdinand “Bongbong” Marcos, Jr.’s signing of the Philippine Maritime Zones Act and the Philippine Archipelagic Sea Lanes Act, China, while invoking the UNCLOS, illegally established baselines around BDM, aiming for air control over the reef.

Under Marcos Jr.’s presidency, the Philippines has focused more intently on enforcing the South China Sea arbitration ruling. Previously, advocates urged China to recognize its legitimacy. However, enforcing the ruling actually relies heavily on our own initiatives, making autonomy an essential element of our external action.

While many of the Coast Guard’s assets are acquired through soft loans and grants from Japan and international assistance, a national prioritization for Coast Guard modernization has enabled the Philippines to act independently and reclaim Bajo de Masinloc. The Coast Guard modernization bill has already reached its second reading in the Senate, which has also approved a bill granting the Coast Guard chief a fixed term. Meanwhile, institution building, a key to autonomy, is further strengthened by the Maritime Zones Act or Republic Act No. 12064, which provides a concrete operationalization of the ruling.

The PCG plays a lead role in countering China’s gray zone tactics. It uses law enforcement to assert sovereignty while avoiding the escalatory signal that naval deployment would send. The PCG refers to this as “presence,” which forms part of the post-appeasement approach, following former president Rodrigo Duterte’s administration, as actively responding to China’s harassment in the Philippines-claimed Ayungin, Sabina, and BDM shoals.

Since 2024, the PCG’s rotational patrols, in coordination with the Bureau of Fisheries and Aquatic Resources, have aimed to protect the fisherfolk’s livelihoods. This effort is integral to President Marcos Jr.’s decision to push back against China’s coercion despite the significant damage sustained by the Coast Guard’s vessels and the injuries suffered by its personnel.

Early this year, the PCG deployed the country’s newest and biggest (97-meter) vessel, the BRP Magbanua, to ward off a CCG vessel. The PCG reported that it remained “undeterred,” pushing back the monster patrol from 54 nautical miles to 120 nautical miles. The agency aired continuous radio challenges to the CCG and enhanced monitoring of the monster ship, through an aircraft-supported vessel identification. It leveraged the Canadian Dark Vessel Detection system to spot Chinese vessels intruding into Philippine waters, with the most recent one being detected within 34 nautical miles off the coast of Pangasinan. This capability was bolstered by a Philippines-Canada 2023 agreement that gave the Philippines’ US-supported National Coast Watch Center access to the maritime domain awareness-enhancing platform.

As tensions with China rise, the Philippines is strengthening its maritime defense, reflecting its resolve, amid China’s aggression, to enforce the 2016 arbitral ruling and reinforce its territorial rights under international law.

 

Alma Maria O. Salvador, PhD is an associate professor of Political Science at Ateneo de Manila University.

Yuchengco firm secures grid approvals for Isabela solar project

STOCK PHOTO | Image from Pixabay

YUCHENGCO-LED BKS Green Energy Corp. has secured approval from the National Grid Corp. of the Philippines (NGCP) for the transmission connection of its Limbauan Solar Power Project (LSPP) in Isabela province. 

NGCP granted approval for the grid connection of the second phase of LSPP, which has a capacity of 33.831 megawatt-peak (MWp), the project developer said in a media release on Monday.

This follows the approval of the project’s system impact study in September last year. These studies assess the adequacy and capability of the grid to accommodate new connections. 

The two approvals confirm the technical feasibility of connecting LSPP-2 to NGCP’s Tuguegarao-Cabagan 69-kilovolt transmission system.

LSPP-1, with a capacity of 5 MWac, had previously secured approvals for its distribution impact study, distribution asset study, and connection agreement with Isabela II Electric Cooperative, Inc. (ISELCO-II).

A power supply agreement for LSPP-1 was signed between BKS Green Energy and ISELCO-II and was jointly filed in June 2021, pending approval from the Energy Regulatory Commission.

BKS Green Energy is a unit of Rizal Green Energy Corp., a joint venture between PetroGreen Energy Corp. (PGEC) and Japan’s Taisei Corp.

Maria Victoria M. Olivar, vice-president for business development at PGEC, said the buildout would allow BKS Green Energy to fast-track the development and completion of the solar project.

The Isabela solar power project has been certified by the Department of Energy as an energy project of national significance, qualifying it for expedited permit processing. — Sheldeen Joy Talavera

Thailand to start selection process for next central bank governor in March, minister says

BANGKOK — Thailand will start the selection process for a new central bank governor in March to replace incumbent Sethaput Suthiwartnarueput, whose five-year term ends in September, the finance minister said on Monday.

Pichai Chunhavajira, who did not provide details on the process, made the remark while announcing the government had nominated for another post, chair of the Bank of Thailand, former Finance ministry permanent secretary Somchai Sujjapongse.

The nomination of Somchai comes after a failed effort to appoint a ruling Pheu Thai Party loyalist and former finance minister in the chair post, which met resistance last year from hundreds of economists and several former central bank governors concerned about government interference in the independent Bank of Thailand.

The central bank board chair, a post currently vacant, has no direct say in monetary policy but heads the board which picks four members to sit on the monetary policy committee with the governor and two deputy governors.

The government’s nominations have been the subject of media interest and scrutiny after its frequent clashes with the central bank over monetary policy and its repeated calls for rate cuts.

The government has insisted it is not seeking to apply pressure and respects the central bank’s independence.

Under selection rules, the government is allowed to nominated one individual while the central bank may put fourth two names for chair. The selection committee for the chair position expects to pick a candidate at its meeting on Feb. 28, committee head Sathit Limpongpan said last week.

Central bank governor Sethaput, 60, a former World Bank economist was appointed in 2020 under a military-backed government and cannot seek a second term as he has reached retirement age.

After the populist Pheu Thai party took office in 2023, he disagreed with some of its policies and long resisted calls for a cut in interest rates, while frequently giving speeches that stressed the need for central banks worldwide to be remain independent. — Reuters

Nezha 2 becomes China’s highest-grossing film amid Lunar New Year boom

BEIJING — Chinese animated film Nezha 2 became the country’s highest-grossing film on Thursday, taking more than 5.8 billion yuan ($796.32 million), after drawing large audiences during the recent Lunar New Year holiday.

The film, about a mythical boy with magical powers and incredible martial arts skills, overtook the previous record holder The Battle at Lake Changjin, a 2021 epic about the Korean War, according to online ticketing platform Maoyan.

Nezha 2 is a sequel to the 2019 hit Nezha, which ranks fifth on the list of China’s highest-grossing films. The movies are loosely based on the classic 16th-century Chinese novel Investiture of the Gods.

China’s film industry had a bumper Lunar New Year holiday, achieving historic highs during the eight-day festival as total box office and cinema visits hit records.

The encouraging performance follows a dismal 2024 when total box office dropped 22.6% from the previous year as audiences stayed home amid the sluggish economy.

Despite this year’s strong start, analysts say the outlook remains uncertain. Box office statistics are significantly influenced by the release of blockbusters, Goldman Sachs said in a report on Wednesday. Distributors are often reluctant to release big films during a sluggish economy or out of holiday season.

Nezha 2 has been on release for nine days and its total box office is expected to rise further.

On China’s all-time top 10 films, there is only one Hollywood film. Avengers: Endgame secured ninth position with a box office of 4.25 billion yuan in 2019. — Reuters

How PSEi member stocks performed — February 10, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, February 10, 2025.


PSEi drops further on fresh Trump tariff threats

BW FILE PHOTO

PHILIPPINE SHARES retreated for the third straight day on Monday following new tariff threats from US President Donald J. Trump.

The Philippine Stock Exchange index (PSEi) sank by 1.91% or 117.87 points to close at 6,037.12, while the broader all shares index dropped by 1.26% or 46.37 points to 3,617.27.

“The local market closed lower as US President Donald Trump gave more tariff threats, which if implemented could negatively affect the global economy. These include new steel and aluminum tariffs as well as reciprocal tariffs with other countries,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

Mr. Trump said on Sunday he will introduce new 25% tariffs on all steel and aluminum imports into the US, on top of existing metals duties, in another major escalation of his trade policy overhaul, Reuters reported.

Mr. Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans, said he will announce the new metals tariffs on Monday.

He also said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.

Mr. Trump during his first term imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free exemptions, including Canada, Mexico and Brazil. Mexico is a major supplier of aluminum scrap and aluminum alloy.

“Philippine shares kicked off the trading week in the red as investors await the latest MSCI rebalancing results, while others will be taking cues from fresh new economic data and possibly more developments on the geopolitical front,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added that the PSEi’s decline came amid continued profit taking following the market’s steep rise last week.

Almost all sectoral indices closed lower on Monday. Property dropped by 2.42% or 57.40 points to 2,308.02; financials went down by 2.41% or 54.93 points to 2,215.41; services declined by 1.61% or 32.42 points to 1,976.2; holding firms retreated by 1.55% or 79.89 points to 5,049.43; and industrials decreased by 0.4% or 34.71 points to 8,568.16.

Mining and oil rose by 0.89% or 65.97 points to 7,430.20.

“Alliance Global Group, Inc. was the day’s index leader, rising 1.76% to P7.50. JG Summit Holdings, Inc. was the main index loser, plunging 6.30% to P15.16,” Mr. Tantiangco said.

Value turnover dropped to P5.69 billion on Monday with 716.60 million shares exchanged from the P6.06 billion with 449.92 million issues traded on Friday.

Decliners outnumbered advancers, 111 versus 78, while 44 names were unchanged.

Net foreign selling stood at P438.19 million, a reversal of the P403.73 million in net buying seen on Friday. — R.M.D. Ochave with Reuters

Peso weakens on renewed tariff jitters

ANGIE REYES-PEXELS

THE PESO weakened against the dollar on Monday after US President Donald J. Trump said he will introduce new tariffs on all steel and aluminum imports.

The local unit closed at P58.095 per dollar on Monday, weakening by 6.5 centavos from its P58.03 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened Monday’s session weaker at P58.10 against the dollar. It traded lower than its Friday close the entire session, with intraday best at just P58.06, while its worst showing was at P58.175 versus the greenback.

Dollars exchanged went down to $1.197 billion on Monday from $1.28 billion on Friday.

“The dollar-peso closed lower due to soaring risk sentiment after Trump announced his plan to raise 25% tariffs on steel and aluminum,” a trader said by phone.

The pair moved within a narrow range amid market caution ahead of the release of US inflation data and the Bangko Sentral ng Pilipinas’ (BSP) policy meeting this week, the trader added.

January US consumer and producer inflation data will be released on Feb. 12 (Wednesday) and 13 (Thursday), respectively.

Meanwhile, the BSP’s policy-setting Monetary Board will hold its first policy meeting for the year on Thursday.

A BusinessWorld poll conducted last week showed that 19 out of 20 analysts expect the BSP to reduce the target reverse repurchase rate by 25 basis points (bps) at this week’s meeting.

If realized, this would mark the Monetary Board’s fourth straight 25-bp cut since August and would bring the policy rate to 5.5% from 5.75% currently.

Cautious signals from US Federal Reserve officials also supported the dollar, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Tuesday, the trader expects the peso to move between P57.80 and P58.20 per dollar, while Mr. Ricafort sees it ranging from P58 to P58.20.

Federal Reserve officials on Friday said the US job market is solid and noted the lack of clarity over how Mr. Trump’s policies will affect economic growth and still-elevated inflation, underscoring their no-rush approach to interest rate cuts, Reuters reported.

On Friday the Labor department reported a 4% unemployment rate last month and the addition of 143,000 jobs, a picture “consistent with a healthy labor market that is neither weakening nor showing signs of overheating,” Federal Reserve Governor Adriana Kugler said in Miami, Florida.

At the same time, she said, there is “considerable uncertainty” about the economic impact of new policy proposals, and “recent progress on inflation has been slow and uneven, and inflation remains elevated.”

US inflation by the Fed’s targeted measure, the 12-month change in the personal consumption expenditures price index, ticked up toward the end of last year, measuring 2.6% in December. The Fed’s target is 2%.

“The prudent step is to hold the federal funds rate where it is for some time, given that combination of factors,” Ms. Kugler said.

“We don’t need to be in a hurry” is how Fed Chair Jerome H. Powell characterized the rate-path outlook last month after the US central bank opted to hold short-term US borrowing costs steady in the 4.25%-4.5% range.

Mr. Powell may provide fresh commentary on his economic and rate-path expectations when he gives the first of his twice-yearly monetary policy reports to Congress this week.

Policy uncertainty puts the Fed in “wait and see” mode, Minneapolis Federal Reserve Bank President Neel Kashkari told Yahoo Finance on Friday. The next two months of inflation data will be paramount in shaping Fed policy, Mr. Kashkari said. — Aaron Michael C. Sy with Reuters

DBM: Procurement reform plays role in cutting debt

BW FILE PHOTO

DEPARTMENT of Budget and Management (DBM) Secretary Amenah F. Pangandaman said that pending revenue measures and procurement reform promise to bring the National Government’s (NG) debt-to-gross domestic product (GDP) ratio to levels deemed suitable for developing countries.

“Procurement reforms will also help because we’ll make our spending more efficient. And we’ll make sure that it helps the budget,” she told reporters last week.

The Bureau of the Treasury estimated that the debt-to-GDP ratio rose to 60.7% at the end of 2024 from 60.1% a year earlier.

A ratio of 60% is considered by development banks to be manageable for economies like the Philippines.

Ms. Pangandaman also added the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act will help improve the investment climate. 

CREATE MORE expanded tax incentives and streamlined value-added tax processes to make the Philippines more attractive to foreign investors.

The Legislative-Executive Development Advisory Council’s (LEDAC) priority bills include an excise tax on single-use plastics, the rationalization of the mining fiscal regime, amendments to the Electric Power Industry Reform Act.

“The revenue measures (of Finance Secretary Ralph G. Recto) are already with the Senate. The right-of-way bill, also I think, is in the advanced stages,” she said, referring to reforms intended to make right-of-way acquisition more efficient and expedite the completion of government projects.

Asked if the pending revenue measures will be passed this year, Ms. Pangandaman said: “Yes, I think the Senate committed to Secretary Recto.”

Other non-LEDAC priority bills pending in the Senate are the excise taxes on pre-mixed alcoholic beverages, sweetened beverages, and junk food.

The Senate is adjourned until June 2 to make way for the midterm elections in May. — Aubrey Rose A. Inosante

Renewables dominate list of ‘significant’ energy projects

A man inspects solar panels in this file photo. — PHILIPPINE STAR/EDD GUMBAN

RENEWABLE ENERGY projects topped the list of projects classified by the Department of Energy (DoE) as energy projects of national significance (EPNS), granting them expedited permit processing privileges.

Between May and December, the DoE issued EPNS certificates to 91 renewable energy projects with a total capacity of 19 gigawatts (GW) and four conventional power plants generating 1.5 GW, it said in a statement on  Monday.

The DoE has also granted EPNS status to 29 transmission projects, 24 microgrid system projects, and one exploration project.

Overall, the government is expecting total investment from the certified projects to total P2.4 trillion. Most of these projects are set to be completed in the next two to five years.

Among the large-scale certified projects is the Terra Solar Project developed by Terra Solar Philippines, Inc., an arm of power distributor Manila Electric Co. The project involves a pioneering 3,500-megawatt (MW) solar farm and a 4,500-megawatt-hour battery energy storage system.

Another project on the list is the 1,400-MW Pakil Pumped-Storage Hydroelectric Power Project of Ahunan Power, Inc., a wholly owned unit of Prime Infrastructure Capital, Inc.

The DoE also endorsed the San Miguel Bay Offshore Wind Power Project, which is 100% owned by Danish energy company CI NMF Philippines Corp. It is expected to contribute 1,000 MW of additional power generation capacity.

“The timely development of critical energy infrastructure is essential to securing our nation’s energy future,” Energy Secretary Raphael P.M. Lotilla said.

“By facilitating investment in power generation and transmission in an efficient and timely manner, we are not only strengthening our energy security but also accelerating our transition to a cleaner, more resilient energy system,” he added.

The certification is authorized by Executive Order No. 30 issued in 2017, expediting the issuance of regulatory and documentary requirements from local and national government agencies.

In December 2020, the Energy department halted certifications to “give way to a thorough evaluation of its effectiveness with respect to securing regulatory permits and licenses, endorsements and other requirements relevant to the timely development and completion of energy projects.”

The DoE resumed issuing EPNS certificates in October 2023.

According to revised EPNS guidelines issued in April 2024, major energy projects eligible for certification are those identified in the Philippine Energy Plan, including power generation, transmission, distribution, and ancillary services essential for grid stability and load growth.

Projects which involve a significant capital investment of at least P3.5 billion can also be certified.

The revised framework grants automatic EPNS status to renewable energy projects eligible for the Feed-in Tariff System, those selected through the Green Energy Auction Program, and “projects that support the country’s energy transition goals in line with DoE policies promoting clean energy.”

Certifications remain valid until the project’s commercial operation date.

Citing monitoring reports from project proponents, the DoE said 52 out of 133 commercial-stage projects have obtained all required permits, while four out of 16 pre-development projects have completed their permitting requirements.

The remaining projects are in various stages of permit processing, with 40 yet to obtain any permits. — Sheldeen Joy Talavera

EV industry lobbies for more policy support

Image via Ivan Radic/CC BY 2.0

DOMESTIC manufacturing of electric vehicles (EV) and the electrification of the public transport fleet will require stronger policy support to sustain growth, after EV registrations hit 22,637 units last year, the Electric Vehicle Association of the Philippines (EVAP) said.

“The strong growth in EV sales is a positive sign, but we need to ensure that this momentum is backed by long-term policies and investments,” EVAP President Edmund A. Araga said in a statement on Monday. 

“Now is the time to solidify our commitment to electrification and create an ecosystem where EV adoption is practical, convenient, and beneficial for all,” he added.

According to registration documents obtained by BusinessWorld, the Land Transportation Office tallied 22,637 battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) registered last year, consisting of 5,840 BEVs and 16,797 HEVs.

Of the total, 2,504 were cars, 6,220 were utility vehicles, 13,610 sport utility vehicles, 14 trucks, 19 were, 57 motorcycles and tricycles, and 213 non-conventional motorcycles.

To support this growth, Rommel T. Juan, chairman of EVAP, said that the group is seeking support for manufacturers and the development of supply chains, while promoting the electrification of public and commercial transport.

To strengthen manufacturing, he asked for incentives such as tax breaks, lease subsidies, and production-based perks to companies investing in domestic EV assembly and component making.

He cited the need to establish policies governing battery recycling and disposal to support circularity in the EV industry.

Regarding technology transfer, he called for grants and incentives for research and development in EV technology, battery innovation, and charging infrastructure.

Mr. Araga said that the government should set phased mandates to electrify vehicle fleets and financing options for operators.

For commercial transport, he asked for the introduction of tax breaks or carbon credit incentives for logistics companies transitioning to EV fleets.

He said the Electric Vehicle Industry Development Act, which requires that 5% of government vehicle fleets should be EVs, needs to be enforced and supported with budget allocations.

The group also called for the acceleration of the public charging station rollout.

To date, the Philippines is estimated to have 500 operational charging stations, with at least 5,000 needed by 2030 to meet projected demand.

According to EVAP, consumer demand has also shifted significantly, with more drivers considering EVs as a viable alternative to traditional fuel-powered vehicles. — Justine Irish D. Tabile