The BOI now accepts applications for the Comprehensive Automotive Resurgence Strategy (CARS) Program.
Car and car parts manufacturers eligible for the program have sixty (60) days upon publication of the CARS memorandum circular to submit their applications. The memorandum circular announcing the opening of applications is scheduled to be published on Friday, January 15, 2016.
An inter-agency committee, composed of representatives from the Departments of Finance, Transportation and Communication, Science & Technology; Technical Education and Skills Development Authority; the Industry Development Council; and the National Competitiveness Council, will evaluate the applications within the prescribed one-month period. Board decisions are expected to be announced before June 2016.
The CARS Program (Executive Order No. 182), signed into law by President Benigno S. Aquino in May last year, provides fiscal support for investments in the manufacture of whole body large plastic parts, other strategic parts that are not currently produced locally, and provides variable incentives to induce both volume production and logistics efficiency.
The CARS program targets to generate 200,000 new jobs, bring in fresh investments worth US$1.2 billion, stimulate local demand by increasing vehicle sales to US$9.2 billion, and effectively implement industry regulations that will revitalize the Philippine automotive industry. The program is anchored on the resurgence of the automotive manufacturing industry and in priming the country as a regional automotive manufacturing hub.