Meralco eyes bigger role in growth of EV market

Manila Electric Co. is looking at a bigger role in fostering the growth of the local electric vehicle market, with possible investment in the local manufacturing or assembly of EVs, the chairman of the country’s largest power distributor said Wednesday.

But Manuel Pangilinan, who is also chief executive officer of Meralco, said the power company isn’t investing in the mining industry to help increase the production of metals such as copper and nickel needed for the production of batteries for EVs.

Meralco and Philex Mining Corp., the country’s largest gold and copper producer, share the same major shareholder group. Philex has started prospecting for nickel in Zambales in order to participate in the global trend towards a shift to EVs instead of fossil fuel powered vehicles.

Building charging stations for EVs is clearly up the alley of Meralco. Pangilinan said, however, that before building more charging stations, Meralco must help create a bigger market for EVs.

“We should participate in incentivizing our people to switch from fossil to e-vehicles. How do we do that? That’s been our question. And can we, as well, attract investors to build plants here to assemble or manufacture e-vehicles,” Pangilinan told reporters.

He said Meralco management has prepared a plan for the company’s wider participation of EVs market, including investing in manufacturing, and that plan will be discussed in the board meeting scheduled in Hong Kong on Friday.

Pangilinan said the group has been in the hunt for a foreign partner that will produce EVs locally on a more cost-effective basis to drive adaption faster. “We’re prepared to participate on a  minority basis,” he said.

“And then we will help in the financing. Maya Bank can finance on installments if fleet operators want to buy e-vehicles,” said Pangilinan.

Maya Bank is the digital banking arm of Voyager Innovations, a technology company of PLDT Inc.