THE Philippine Economic Zone Authority (PEZA) said Chinese electric motorcycle manufacturer Yadea is set to register a Philippine manufacturing project within the year.
PEZA Director General Tereso O. Panga told reporters on the sidelines of the International Trade Forum in Taguig City on Thursday that Yadea’s project is expected to be “big-ticket,” with production expected to commence by next year.
According to Mr. Panga, such projects registered with investment promotion agencies such as PEZA typically involve investment of $1 billion or more.
“(Yadea) met with us twice. They’re really serious in putting up their next manufacturing facility in the Philippines. Yadea is the biggest producer of e-motorcycles in China,” Mr. Panga said.
“If they apply with us, we give them six months to put up their facility. By next year, they should be up and running,” he added.
Mr. Panga said Yadea is still scouting for a location, but added that Batangas is a candidate to host the manufacturing facility.
“Their motorcycles are equipped with electric batteries (and are) pure electric vehicles (EVs). They will employ robotics at the manufacturing facility,” Mr. Panga said.
According to its website, Yadea’s current presence in the Philippines is via authorized distributor, Motor Asia, Inc. The company has six production facilities in China and one in Vietnam.
At the end of 2022, the company had an electric two-wheeled production capacity of 20 million units and employed over 11,000 workers.
The company has sold more than 70 million electric two-wheelers and supplies over 40,000 outlets worldwide since it was founded in 2001.
PEZA targets 10% growth in investment approvals in 2023 from a base of P140.7 billion in approvals investments last year.
In the five months to May, PEZA-approved investments rose 153.74% year on year to P48.027 billion. — Revin Mikhael D. Ochave