January 24, 2018, 1:27 am
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CARS rakes in P11B investments

The Comprehensive Automotive Resurgence (CARS) program has generated P11 billion in investments from the two participating companies, Toyota Motor Philippines Corp. and Mitsubishi Motor Philippines Corp. and their suppliers, according to Ramon Lopez, secretary of the Department of Trade and Industry.

Lopez in his speech at the 1st Philippine Auto Parts Expo at the Philippine Trade Training Center, the Philippine domestic automotive market is expected to hit 700,000 units by 2022, the current level of Thailand today with the CARS program making a big contribution towards this goal.

He said CARS will also help the industry level up against completely built-up cars being imported into the country.

“The overall goal of the program is to transform the country into a regional automotive manufacturing hub. However, it also intends to augment and enhance policy directions of existing motor vehicle programs,” Lopez added.

The P11-billion investments went into new assembly facilities, mandatory body shell and large plastic parts and initial strategic/common parts manufacturing. 

Lopez said of this amount, P9.1 billion is eligible for fixed investment support , subject to audit.

 MMPC’s Mitsubishi Mirage G4 was rolled out last February while th Mirage Hatchback was released last July. TMP’s Toyota Vios full model change is scheduled for introduction in July 2018. 

“Both participants are on track to meet their respective model life volume commitments and parts localization targets,” Lopez said. 
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