BOI approves Toyota into CARS Program

BusinessMirror | by Catherine Pillas –

THE Board of Investments (BOI) has awarded the certificate of  registration  to  Toyota  Motors Philippines Corp. as the newest participant into the government’s Comprehensive Automotive Resurgence Strategy (CARS) Program.

TMPC is investing on the production of its full-model change Vios over the six-year period of the program.

In a statement, Trade Secretary and BOI Chairman Ramon M. Lopez awarded the registration certificate on Friday to TMPC President Satoru Suzuki and Vice Chairman Alfred Ty.

Last month BOI awarded the certificate of registration to Mitsubishi Motors Philippines Corp. for the enrollment of its Mirage/Mirage G4 model in the CARS Program.

The CARS Program is the first of its kind to provide for time-bound and performance-based support to any industry. It aims to spur the Philippine automotive industry and make the country an auto-manufacturing hub in the Asean region.

The program intends to raise the production level of local car makers to a competitive scale by providing $1,000 per unit fiscal support for the production of three models with a 200,000-unit production requirement over six years and mandatory  local production of body shell and large plastic parts.

The program is expected to amplify the Philippine work force, strengthen industrial linkages and attract additional investments.

With the certificates of registration awarded to participating carmakers, BOI will now move to the next phase of the program: Enabling the influx of projects related to new parts, investments, joint venture or technical licensing agreements.