The country’s association of vehicle assemblers is backing the implementation of the Comprehensive Automotive Resurgence Strategy (CARS) Program.
In a statement, the Chamber of Automotive Manufacturers in the Philippines Inc. (Campi) said the government’s recently inked automotive program will pave the way for the auto industry’s expansion.
“Campi supports the passage of Executive Order [EO] 182, which provides for the CARS Program. This is timely in view of the need of the Philippine motor-vehicle industry to achieve competitiveness in the region, giving opportunity to the country’s automotive industry to take part in the regional supply chain,” said lawyer Rommel Gutierrez, president of Campi and executive vice president of Toyota Motor Philippines Corp. (TMPC), in a text message to reporters.
TMPC expects the program to spur the expansion of local manufacturing capabilities and improve the cost competitiveness of local players. The program is also seen to open more investment opportunities
for TMPC’s supplier network.
Mitsubishi Motors Philippines Corp. (MMPC) President Yoshiako Kato also welcomed the program. In a statement, he said “with CARS, MMPC is looking forward to further contributing to the Philippine automobile industry and economy.”
EO 182 was signed by President Aquino last Friday, ending a three-year wait that saw the government and private sector working together to improve the contents of the program.
The CARS Program will allocate P27 billion worth of incentives over the course of six years to support the development of three vehicle models to be approved by the Department of Trade and Industry’s Board of Investments.