The Philippine Economic Zone Authority (Peza) said recently that it has signed a registration agreement with Korean firm LCS Emon Commercial for electric vehicles assembly in Malvar, Batangas.

Peza said the deal was sealed recently, 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 PHP 100 billion (US$ 1.7 billion) in investments and employing more than 35,000 people.