EnPlus to invest PHP5 billion for EV production in the Philippines

South Korea-based EnPlus Company Limited (EnPlus) will invest PHP5 billion to boost production of electric vehicles (EV) in the Philippines.

The Philippine Economic Zone Authority (PEZA) and EnPlus have signed a memorandum of understanding (MoU) to develop and manufacture fuel-saving EVs in the Philippines’ economic zones. PEZA will also allocate 30 hectares of land to link potential industries to EnPlus for joint investment ventures and other agreements for eligible projects.The move is an attempt to boost the Philippines’ EV industry and production capacity. The MoU also aligns with the PEZA’s goal of developing resilient economic zones, particularly outside of Metro Manila.

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