Toyota Motor Philippines (TMP) called on the government to finalize the extension of the incentives program for the local car assembly.
TMP chairman Alfred Ty said the company continued to deliver on its commitment to the Comprehensive Automotive Resurgence Strategy (CARS) program despite a delay caused by the global health crisis.
“We are hopeful of the official approval of the extension of CARS will be granted by the DTI [Department of Trade and Industry]and the BOI [Board of Investments]. We’ve seen news articles about this, but until that is announced by department, we cannot calibrate our moves for the future including investments for the country,” Ty said.
He said TMP “needs to know asap [as soon as possible]” the government’s plan so the local affiliate could provide a more accurate data to its parent company in Japan.
The company started receiving fiscal incentives from the government after its local production of Vios reached over 100,00 units.
TMP announced in December 2023 plans to hike investments in the Philippines including P1 billion for the assembly of the new-generation Tamaraw units.
The additional fund would bring its planned investments to P5.4 billion following its August announcement of P4.4 billion initial investments to revive the model.
The additional investments will go to body conversion, whether intended as a public passenger vehicle or for commercial purposes. The Tamaraw concept rides on the IMV 0 platform—a versatile chassis concept that can adapt to the needs of the users for both human and cargo transport.