The Philippine Board of Investments (BOI) reaffirmed its commitment to keep goods and people flowing despite the challenges we face with the pandemic. The BOI has recently approved a project involving Terraspan Inc. to produce an affordable three-wheeled vehicle, called the ‘Weigen’ motorcycle. It is designed to provide easy and affordable mobility especially now that people are a lot more conscious about social distancing and public transportation is limited.
The decision by the BOI is part and parcel of its broader campaign to help businesses keep their workers and goods moving unhindered even through quarantined communities. Today, non-essential travel for Filipinos is already allowed in areas without quarantine. However, for the quarantined areas, passage will be permitted to workers conducting work-related activities within the area, including the transportation of goods.
Ceferino Rodolfo, Trade Undersecretary and BOI Managing Head stated, “Continued movement of goods and workers is an absolutely essential part of our economic recovery plan.” He added, “We are determined to do everything we can to help businesses of all kinds resolve any issues they have with their supply chain or workforce.”
The project by Terraspan Inc. involves a P170M investment in motorcycle manufacturing operations in the country. The investment would then include the assembly and manufacturing of motorcycle parts and components within the country. As part of the requirements by BOI, Terraspan will need to submit proof that it has complied with the investment commitment for manufacturing within one year, otherwise, appropriate sanctions will be imposed without prejudice to the cancellation of registration with the Motor Vehicle Development Program (MVDP)
This project is considered very relevant during the pandemic. As soon as it starts operating and selling its initial units of ‘Weigen’ 3-wheeler engine-power units and 3-wheeler electric vehicles — it will provide solo personnel mobility options at a time when social and physical distancing is of utmost importance. Even under GCQ, the need for mobility is undiminished and as such, we welcome affordable and reliable means of transportation and delivery like these.
According to the BOI, the Philippines is considered the fifth largest motorcycle market in the world. The country was able to assemble 233,948 motorcycles during the first half of the year, a 60 percent reduction from the 583,484 units churned out a year ago. However, despite this reduction, BOI still remains positive about Teraspan’s investment in the Philippine market.