The electric vehicle industry is pushing the government to extend fiscal and non-fiscal incentives through 2040, saying a longer policy runway is needed to drive wider adoption and support the country’s long-term electrification targets.

Toyota Motor Philippines Corp. (TMP) has produced more than 1.2 million vehicles locally in 38 years, building a manufacturing base that is allowing more specialized automotive work, supplier activity, and value creation to take place in the Philippines.

The Philippines could lose out on major investments tied to Pax Silica unless it moves faster to address political resistance, regulatory hurdles, infrastructure gaps, and workforce needs, the Makati Business Club (MBC) warned.