Toyota Motor expects new Philippine auto program to spur fresh investments

InterAksyon.com | June 4, 2015 11:30 AM

MANILA – The motor vehicle arm of GT Capital Holdings Inc expects to receive a boost from the Philippines’ new auto manufacturing program.

In a statement, Toyota Motor Corporation Philippines (TMP) said the Comprehensive Automotive Resurgence Strategy (CARS) Program “allows the continuity and increase in contributions to the Philippine economy of the auto industry through local manufacturing.”

Before leaving for a visit to Japan, President Aquino signed Executive Order No. 182, which directs the Department of Trade and Industry (DTI) to set into motion the CARS Program.

TMP said the program will “facilitate the expansion of local manufacturing capabilities and improve cost competitiveness of industry players, setting the stage for regional integration.”

“I am grateful to the Philippine government for giving the local auto manufacturing industry a chance to flourish and further contribute to the economy through the CARS Program,” said Michinobu Sugata, TMP president.

Sugata said the new program will spur fresh investments, especially by parts suppliers.

TMP is the country’s leading auto assembler and retailer, cornering at least 40 percent of the Philippine car market. It assembles the Vios and Innova at its Sta. Rosa, Laguna plant, and is backed up by a stable of parts suppliers.

The CARS Program provides annual tax incentives worth P4.5 billion for the next six year to expand the country’s auto parts manufacturing business and build three car models.

Source: http://www.interaksyon.com/business/111751/toyota-motor-expects-new-philippine-auto-program-to-spur-fresh-investments