Aquino: I want Philippines to be regional automotive manufacturing hub
Executive Order No. 182, which Malacanang, the presidential palace, released Tuesday states that the program aims at improving the automotive industry to boost the manufacturing capability of the overall industrial sector, spur the growth of small and medium enterprises (SMEs), and create more jobs.
In the executive order, Aquino noted "the need to enable the country's automotive industry to seize market opportunities opened by the ASEAN Economic Community and deepen its participation in the regional supply chain."
The order says CARS Program will "attract new investments, stimulate demand and effectively implement industry regulations that will revitalize the Philippine automotive industry, and develop the country as a regional automotive manufacturing hub."
The program's thrust is "to provide time-bound, and output or performance-based fiscal support to attract strategic investments in the manufacturing of motor vehicles and parts."
The CARS Program is limited to the manufacture of three models of four-wheeled motor vehicles.
An Inter-agency Committee on Automotive Industry Development, to be headed by a representative of the Department of Trade and Industry-Board of Investments, will be created to administer and implement the CARS Program. ■