Story perspectives

Marcos Veto Threatens Philippines' EV Industry and Jobs

2/2/2026

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Summary

Story summary

Policy uncertainty rose after President Ferdinand Marcos Jr. vetoed 92.5 billion pesos from the 2026 budget, including funds for automotive incentives.
The veto affected the Comprehensive Automotive Resurgence Strategy (CARS) and the Revitalising the Automotive Industry for Competitiveness Enhancement (RACE).
Industry groups warn the cut could jeopardize jobs and deter investors, undermining the Philippines' EV ambitions.
Southeast Asia's push for EV manufacturing raises concerns the Philippines may lag behind neighbors.

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Story summary

Policy uncertainty rose after President Ferdinand Marcos Jr. vetoed 92.5 billion pesos from the 2026 budget, including funds for automotive incentives.
The veto affected the Comprehensive Automotive Resurgence Strategy (CARS) and the Revitalising the Automotive Industry for Competitiveness Enhancement (RACE).
Industry groups warn the cut could jeopardize jobs and deter investors, undermining the Philippines' EV ambitions.
Southeast Asia's push for EV manufacturing raises concerns the Philippines may lag behind neighbors.