THE PHILIPPINES will be an important market for China’s electric vehicle industry via exports of complete units, with no prospect for domestic manufacturing, though greater involvement in the Philippine minerals industry is likely, analysts said.
Terry L. Ridon, a public investments analyst, described as unlikely Chinese assistance in developing a domestic e-vehicle industry, “as this is currently an emerging and lucrative sector in China.”
China exported nearly 500,000 electric cars in 2021 — more than any other country, “thanks to increasing sales in Europe and Southeast Asia by emerging cost-competitive automakers,” according to a report by Nikkei Asia. Most of the cobalt refined by China comes from the Democratic Republic of the Congo, whose mining sector is dominated by Chinese companies and has been plagued by environmental issues.
George N. Manzano, an economist at the University of Asia and the Pacific, said building up a domestic EV industry is “quite challenging as access to technology is critical.” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said the government should ensure that the shift to e-vehicles will create opportunities for Philippine suppliers.