FPIP is Home to IFC and First Balfour’s EV System Study
An electric vehicle (EV) system study will be conducted at First Philippine Industrial Park (FPIP).
International Finance Corp. (IFC) and First Balfour are collaborating to accelerate efforts to decarbonize the transport sector, supporting the country’s climate goals. Under the agreement, IFC will help First Balfour conduct assessments and viability studies to develop a stronger and more efficient EV system in FPIP, including charging infrastructure that is entirely powered by renewable energy.
FPIP, a joint venture between First Philippine Holdings (FPH) and Japanese conglomerate Sumitomo Corp., is a PEZA-registered industrial park that is spread over 500 hectares. It hosts over 140 locators from different sectors and employs about 70,000 employees.
“FPIP has been looking for ways to have a more efficient transportation system within and outside the industrial park, in a manner that is “inclusive and beneficial” to locators and its employees, current transport service providers, and the nearby communities. The participation in this study will provide deeper insights and highly relevant information that can help develop appropriate transport strategies to achieve net zero carbon emissions in the future,” said Joval Pantangco, FPIP’s Chief Operating Officer and First Balfour’s Deputy Chief Finance Officer.
The Philippines is among the most vulnerable countries to the effects of climate change. 31% of its total greenhouse gas (GHG) emissions come from the transport sector, making it the largest source of air pollution and energy-related greenhouse gasses. The utilization of EVs can help the country achieve its target of reducing GHG emissions by 75% of baseline by 2030.
IFC Country Manager for the Philippines Jean-Marc Arbogast emphasized the potential of investing in EVs over the next decade. He said, “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 is a member of the World Bank Group that is focused on promoting green mobility in Asia.
First Balfour, a wholly owned subsidiary of FPH, is one of the leading engineering and construction firms in the country. It has projects involved in renewable power and energy, transport infrastructure, water infrastructure, and high-value buildings.
