Financing lack cause of slow e-vehicle program implementation

The Electric Vehicle Association of the Philippines (EVAP) has blamed the lack of financing for the slow implementation of the environment friendly e-vehicle program in the country.

EVAP President Rommel Juan said that EVs are now available all over the Philippines because of the various private and some local government units programs on the use of e-vehicles.

However, Juan said these programs have not fully taken off because of the lack of financing.

“The missing piece in the puzzle is really financing. We need funders, financing people or angel investors to come in and tie up with credible and reliable EV players to finally catapult the EV industry into the mainstream and achieve economies of scale,” he stressed.

With over 40,000 taxis, 370,000 jeepneys and 3,500,000 tricycles being used in the Philippines, he said, there is definitely space for green eco-friendly mobility in the country.

EVAP has already established the credible players in the EV Industry and we urge consumers and prospective EV program implementors to please check first with EVAP on who they can recommend to be credible suppliers.

Juan added that there are many suppliers with credible backgrounds and solid track records. These are the ones who have production facilities and a local office to ensure long term viability and sustainability.

“Other than this, we also recommend hooking up with experienced public transport operators such as EVEE-I which now operates the Filinvest 360 Ecoloop at Filinvest City Alabang or MServ which operates the Ateneo EJeeps,” he said.

EV operations have suddenly become viable and very attractive to long term investors as it has a return on investment of 24 percent or a payback period of about four years.

This does not include the intangibles this investment brings. “This investment is eco-friendly and green thus definitely suited for the green CSR agenda of modern multinational companies today. Furthermore, there is also significant carbon credits to be gained from these green transport projects as 80% of Metro Manila’s air pollution now comes from Internal combustion engines of second hand vehicles now being used throughout the Philippines,” he said.

According to Juan, reliable suppliers such as EVAP members also boast of having the accreditation in the Manufacturers, Assemblers, Importers and Distributors (MAID) program of the Land Transportation Office. This accreditation is needed to secure permits and license plates for locally-assembled EVs.

Juan has advised funders and angel investors are advised to contact EVAP first so they can be matched up with the right people.