Locally-produced vehicles under the Comprehensive Automotive Resurgence Strategy program reached more than 200,000 since 2016, the Department of Trade and Industry said Wednesday.
The country also generated foreign exchange savings of more than $1 billion under the program as more processes were localized with the establishment of car parts manufacturing in the country.
Trade Undersecretary Ceferino Rodolfo said in a briefing the CARS program generated foreign exchange savings by building on capabilities in volume parts manufacturing. “We were able to achieve capabilities in particular volume parts for body shell manufacturing and in large plastic parts,” he said.
CARS program, which awards P27 billion in fiscal and non-fiscal incentives , requires registered participants to manufacture 200,000 vehicles each in the country.
Data showed total local production reached 207,165 units, including Toyota Motor Corp.’s 134,242 units and Mitsubishi Motors Philippines Corp.’s 72,923 units. The program employs 110,000 direct and indirect ancillary workers. Mitsubishi employs 35,606, while Toyota has 74,353 workers under the program. Total investments made by the two participating companies reached P9.6 billion. Othel V. Campos