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Japan: Electric vehicle maker seeks incentives

THE LOCAL UNIT of Japan-based Terra Motors Corp. is seeking incentives from the government as a new producer of electric vehicles in the Philippines, according to a Board of Investments (BoI) notice published in newspapers over the weekend.
TERRA MOTORS Chief Executive Officer Toru Tokusige demonstrates the handling of the company’s e-tryke in Taguig City in this Nov. 28, 2013 photo. — JLC
“Terra Motors Philippines Corp. (TMPC) is applying for registration with the Board of Investments as a new producer of electric vehicles on a pioneer status with a capacity of 2,500 units per year,” read the notice.

If the firm’s application will be approved, it will enjoy a six-year income tax holiday; duty-free importation of capital equipment to be used for the project covered; permit to employ foreign nationals in supervisory, technical or advisory positions for five years from date of registration; and simplification of customs procedures for importation of equipment and raw materials.

BoI is the agency that approves registration of projects that qualify for such incentives.

Production of motor vehicles, including electric vehicles, is covered in the 2013 Investment Priorities Plan (IPP) the government released in November last year which identifies sectors that can avail of state incentives.
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