BoI approves incentives for electric vehicle tech start-up

THE Board of Investments (BoI) has approved start-up company CHRG Electric Vehicle Technologies Inc. as a new domestic producer of electric vehicle (EV) fast chargers and retrofit kits under the Investment Priorities Plan.

The government’s Investment Priorities Plan recognizes as eligible for tax incentives “innovation drivers” that facilitate the entry of new technologies and government-funded research and development into the market.

CHRG has invested P3.9 million in its production facility at the University of the Philippines-Diliman.

“Once it gains traction, the company has plans to move out of the capital region to be able to secure a more cost-effective location, with Bulacan or Rizal as targeted spots,” BoI said in a press release on Monday.

The university, which owns the Charging in a Minute technology, has allowed CHRG to produce the fast charger units while they finalize a licensing agreement for product sales.

CHRG will be able to produce 12 fast charger units and 236 retrofit kits each year.

“We look forward that homegrown technologies like this will play a major part in the development of electric vehicles in the country as we gradually begin the transition from fossilfueled cars to environmentfriendly vehicles and aspire to be a manufacturing hub for the EV components,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.

The Trade department is also studying electric vehicle manufacturing as a potential competitive advantage for the Philippines in a 15-country trade deal signed last year, Trade Assistant Secretary Allan B. Gepty said earlier this month.

Global manufacturers are also looking at exporting EVs to the Philippine market. Nissan Philippines, Inc. is planning to introduce its electric vehicle (EV), the Nissan Leaf, to the country this year.