INTERNATIONAL Finance Corp. (IFC) and First Balfour, Inc. are partnering to explore the creation of an electric vehicle (EV) system in an ecozone.
“Under the agreement, IFC will help First Balfour conduct assessments and viability studies to develop a robust electric vehicle system in the First Philippine Industrial Park (FPIP), including charging infrastructure targeted to be powered completely by renewable energy,” the IFC said in a statement on Monday.
FPIP is an industrial park with more than 140 locators employing around 70,000 employees. The ecozone is a joint venture of Lopez-led First Philippine Holdings Corp. and Japan-based Sumitomo Corp.
“FPIP has been looking at ways to create a stronger, more efficient transportation system within and outside the industrial park, in a manner that is inclusive and beneficial to locators, current transport service providers, and the nearby communities,” according to the statement.
“By participating in the assessments and viability studies, it can also obtain deeper insights on movements inside the park to develop appropriate transport strategies and other approaches to achieve net zero carbon emissions in the future,” it added.
IFC said that the existing technical expertise on EV adoption in the Philippines is “thin and successful business cases — especially those of significant scale — are few.”
“A huge investment opportunity over the next decade, electric vehicles are critical in the fight against climate change and can help reduce emissions, lower transport costs, and create thousands of green jobs. So, developing an efficient and thriving e-mobility ecosystem is crucial for the Philippines to meet its climate commitments,” IFC Country Manager for the Philippines Jean-Marc Arbogast said.
“The project will also help diversify FPIP and First Balfour’s infrastructure services and hopefully bring in new market players and spur the evolution of the local electric vehicle segment in the country,” Mr. Arbogast added.
First Balfour is the engineering and construction arm of First Philippine Holdings.
It has projects involved in renewable power and energy, transport infrastructure, and water infrastructure, among others. — Luisa Maria Jacinta C. Jocson