The Board of Investments on Thursday launched the Comprehensive Automotive Resurgence Strategy Program, which aims to increase local production of vehicles.
BoI invited car and car parts manufacturers to submit within 60 days their applications for Executive Order No. 182 from Jan. 15, when the circular was published.
An interagency committee, composed of representatives from the Finance, Transportation and Science Departments; Technical Education and Skills Development Authority; the Industry Development Council; and the National Competitiveness Council, will evaluate the applications and is expected to issue a decision by June 2016.
“The opening of applications a week earlier than the mandated schedule augurs well for the Cars program. We are especially enthusiastic for small and medium enterprises in the car parts manufacturing sector that stand to benefit from the program,” said Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo.
The program, signed by President Benigno Aquino III in May 2015, provides fiscal support for the manufacture of vehicles.