Why high fuel costs could accelerate the Philippines’ EV boom

When Filipino motoring journalist James Deakin recently posted a photo of his fuel receipt – more than 4,000 pesos (US$67) after topping up on nearly 39 litres – his message to followers was blunt: “I’m seriously looking at an EV [or] hybrid now. What’s your breaking point?”

In March, the company launched a “Trade Gas for Electric” programme across the Philippines and three other Asian markets, offering buyers who switch from petrol-powered vehicles an additional 3 per cent discount on electric cars and 5 per cent off its electric scooters.

The incentives come at a moment of acute vulnerability. The Philippines imports 95 per cent of its oil, making it one of Southeast Asia’s most exposed economies to price shocks from the Middle East conflict.