The Philippine Board of Investments (BOI) awarded the certificate of registration to Toyota Motors Philippines Corporation (TMPC) recently (July 22, 2016) at the BOI Building.
Approved as one of the participating carmakers in the Comprehensive Automotive Resurgence Strategy (CARS) Program, TMPC is investing on the production of the Toyota Vios (full model change) over the six-year period of the Program.
Newly-installed Trade Secretary and BOI Chairman Ramon Lopez awarded the registration certificate to TMPC President Satoru Suzuki and Vice Chairman Alfred Ty. They were joined by Trade Undersecretary and BOI Managing Head Ceferino Rodolfo, Trade Assistant Secretary Rafaelita Aldaba and BOI Governor Henry Co.
Last month, BOI awarded the certificate of registration to Mitsubishi Motors Corporation (MMPC) for the enrollment of its Mirage/Mirage G4 model in the CARS Program.
The CARS Program is a first of its kind to provide for a fiscal-capped, time-bound and performance-based support to any industry. It aims to jumpstart the Philippine automotive industry and to make the country an auto manufacturing hub in the ASEAN region.
The Program intends to raise the production level 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. It is expected to amplify the Philippine workforce, 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. This will further enhance the local parts making capability of the Philippines.