Trade Secretary Cristina Roque on Tuesday revealed that a foreign electric vehicle firm is keen on investing in a manufacturing plant in the Philippines.

“I cannot say the brand and the nationality, as it’s still confidential. But definitely, yes, a foreign EV manufacturer will enter. That’s a big one. We are still in talks, but these are talks that are really progressing,” Roque said.

She described the potential investment as substantial.

“Those investments would surely provide more jobs and revenue to us. Maybe the investments are at $1 billion, but I cannot say exactly how much. We are still in talks,” she told reporters.

The Philippines is targeting at least 2.5 million EVs on the road by 2040. Edmund Araga, president of the Electric Vehicle Association of the Philippines, earlier said the target is achievable as more innovative units are introduced and government support for the sector continues.

Data from the Land Transportation Office showed that as of end-July 2025, EV registrations rose to 29,715 units, surpassing the 24,000 recorded for the entire 2024.

Araga said the latest figure accounts for about 5 percent of new vehicle registrations, roughly three times the level recorded two years ago. He added that total EV registrations could reach 35,000 units by the end of 2025.

The government has supported the sector through the Electric Vehicle Industry Development Act, also known as the EVIDA Law.