The Philippine Economic Zone Authority (PEZA) has officially registered South Korean firm LCS Emon Commercial Corp. as a domestic market enterprise, allowing the company to set up an electric vehicle (EV) assembly plant in Malvar, Batangas. The agreement, finalized on January 28, 2025, marks a significant step in the country’s EV industry growth.
LCS Emon plans to manufacture e-jeepneys, e-mini-buses, and two- and three-wheeled EVs, supporting the Philippine government’s efforts to modernize public transportation and cut carbon emissions. PEZA Director General Tereso Panga noted that seven companies are now registered for EV and EV battery production, reflecting increasing investor interest in sustainable transport.
With over 200 South Korean enterprises operating in PEZA zones, contributing USD 1.72 billion in investments and employing more than 35,000 Filipinos, South Korea remains a key investor. The recent ratification of the Philippines-South Korea Free Trade Agreement is expected to further boost investment inflows.
The Philippine EV market, valued at USD 1.14 billion in 2024, is projected to grow to USD 4.7 billion by 2029. The establishment of LCS Emon’s assembly operations in Batangas is poised to contribute significantly to this growth, supporting the country’s transition to sustainable transportation and the development of a robust EV ecosystem.
(Source: Philippine News Agency)
