Toyota, Mitsubishi qualify for P27-billion CARS program

BusinessMirror | by Catherine Pillas –

The Board of Investments (BOI) said on Tuesday it has approved the application of Toyota Motors Philippines Corp. and Mitsubishi Motor Philippines Corp. for incentives under the government’s P27-billion manufacturing stimulus program.

Outgoing Trade Secretary Adrian S. Cristobal Jr. affirmed the eligibility of the two auto companies under the Comprehensive Automotive Resurgence Strategy (CARS) Program in a news briefing on Tuesday.

“It’s just a matter of formalities now. I understand from BOI Managing Head, Trade Undersecretary Perry Rodolfo that it’s just a matter of granting the certificate of award to car manufacturers that have qualified for the CARS Program,” Cristobal told reporters.

The CARS Program is a government stimulus program aimed at boosting the country’s manufacturing sector by specifically targeting the automotive industry.