The Philippines has announced a $1 billion subsidy scheme to invigorate its domestic automotive industry and draw foreign investment as it enters Southeast Asia's competitive electric vehicle (EV) market. The program includes offering up to 40% co-funding specifically for battery models to support and develop local supply chains.

This initiative marks the country's strategic move to join the region's intensifying race in EV manufacturing. A taxi operated by Green Smart Mobility (GSM), a VinFast affiliate, was recently seen operating in Manila, highlighting the growing presence of EVs in the city.

The subsidy aims to position the Philippines as a key player in Southeast Asia's evolving EV landscape.

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