PEZA registers LCS Emon Commercial Corp. for EV assembly in Batangas, boosting government's efforts towards sustainable transportation and modernizing public utilities.
The Philippine Economic Zone Authority ( PEZA ) announced on Friday that it has signed a registration agreement with South Korea n firm LCS Emon Commercial Corp. for the assembly of electric vehicles (EVs) in Malvar, Batangas. The agreement was formalized on January 28th, officially registering LCS Emon as a domestic market enterprise in the Philippines. \ PEZA Director General Tereso Panga expressed enthusiasm about the growing investment in EV manufacturing and battery production in the country.
He highlighted that seven EV-related companies have already registered with PEZA as of 2024. These investments align with the government's efforts to modernize public utility vehicles (PUVs) and promote sustainable solutions. \LCS Emon will be involved in assembling a range of EVs, including e-jeepneys, e-mini-buses, as well as two- and three-wheeled EVs. This investment is seen as a crucial step in supporting the Philippine government's initiatives to reduce carbon emissions and modernize the public transportation sector. The adoption of electric jeepneys and other EVs is expected to improve urban air quality and enhance energy efficiency. Panga also anticipates further South Korean investments in various sectors following the ratification of the Philippine-South Korea Free Trade Agreement. Currently, over 200 South Korean enterprises operate in the Philippines, contributing approximately P100 billion in investments and employing more than 35,000 people.
ELECTRIC VEHICLES INVESTMENTS PHILIPPINES SOUTH KOREA PEZA
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