MANILA, Philippines — The Philippine Economic Zone Authority (Peza) said on Friday it has signed a registration agreement with Korean firm LCS Emon Commercial Corp. for electric vehicles (EV) assembly in Malvar, Batangas.
Peza said the deal was sealed Jan. 28, officially registering the South Korean company as a domestic market enterprise. LCS Emon will assemble EVs, including e-jeepneys, e-mini-buses, as well as two- and three-wheeled EVs.
“We are also anticipating more South Korean investments from various sectors to enter the country with the ratification of the PH-South Korea Free Trade Agreement,” Peza Director General Tereso Panga said.
Over 200 South Korean companies are registered with Peza, contributing approximately P100 billion in investments and employing more than 35,000 people.