The online news portal of TV5
MANILA – The MVP group of companies on Thursday said it has received proposals from foreign firms interested in putting up a joint venture for the manufacture of electric vehicles in the Philippines.
During the 2nd Philippine E-Vehicle Summit, Manuel V. Pangilinan, Manila Electric Co. (Meralco) president and chief executive officer, said his group is willing to work with the government, financial institutions, the academe and manufacturers to develop the infrastructure for building such vehicles in the country.
“Our group of companies is prepared to invest in the downstream manufacturing capability of this industry for the sake of this country. It is better for us to build rather than import these vehicles,” he said.
He said his group is considering proposals by foreign companies that are keen on partnerships to establish the Philippines’ e-vehicle manufacturing capacity.
“[We] would like to pursue them. The Philippines should take the lead in the region in the development of the industry,” Pangilinan said.
The government is banking on the development of e-vehicles to reduce the country’s reliance on oil imports and at the same time bring down green house gas emissions.
Taxes and duties on electric and hybrid vehicles, however, account for 30 percent of their prices, making such vehicles unattractive for either private or public transport use.
Besides Meralco, Pangilinan is also chairman of Metro Pacific Investments Corp., Philippine Long Distance Telephone Co., Philex Mining Corp. – all of which are among the top companies in their respective sectors.
Pangilinan is also the chairman of TV5 and its online news portal, InterAksyon.com.