MANILA — A foreign electric vehicle (EV) company is planning to establish a manufacturing facility in the Philippines, the Department of Trade and Industry (DTI) announced.

“There is an EV manufacturer coming… a big one,” Trade Secretary Cristina Roque told reporters during the ASEAN Editors and Economic Opinion Leaders Forum in Makati City.

Roque said discussions are progressing but declined to disclose the nationality of the company or the amount it plans to invest. “There’s an EV manufacturing plant…The talks are really progressing,” she added.

The Trade chief said the planned investment would be “substantial” and that the negotiations are expected to be finalized “within the year.”