The Board of Investments [BOI], the investments promotion arm of the Department of Trade and Industry (DTI), has approved Toyota Motors Philippines Corp. and Mitsubishi Motors Philippines Corp. for participation in the government’s Comprehensive Automotive Resurgence Strategy (CARS) Program.
Outgoing Trade Secretary Adrian Cristobal told reporters on Tuesday that the applications of Toyota and Mitsubishi to mass-produce their model units Vios and Mirage, respectively, have already been approved by the BOI.
Asked if there was already an approval, Cristobal said, “Yes. Yes, it’s just a matter of formalities now. I understand from the BOI managing head, [Trade] undersecretary [Ceferino] Perry Rodolfo [that]it’s just the formalities now of granting the certificates of award to two car manufacturers that have qualified for the CARS Program.”
In a bid to boost the local vehicle manufacturing in the country, the government’s CARS Program has committed to provide fiscal incentives three car manufacturers to produce 600,000 units of one model unit applied for in a span of six years from 2016 to 2021.
With Toyota and Mitsubishi approved for the program, Cristobal said the rules for the opening of the third slot are still ongoing and are included in the DTI’s transition report to the incoming DTI secretary Ramon Lopez.
On Monday night, President-elect Rodrigo Duterte named his cabinet secretaries for the trade, tourism and health departments, businessman Ramon Lopez, travel agency owner Wanda Corazon Teo, and current health assistant secretary Paulyn Ubial.
Lopez, the incoming Trade Secretary, is the executive secretary of Go Negosyo, a trade-related non-stock, non-profit organization that supports entrepreneurs in the country.
“We have finished our transition report and we’ll turn it over to Mr. Ramon Lopez. We believe he’s an excellent choice for the DTI. He was a member of the DTI family early in his career. His advocacies for micro, small and medium enterprises (MSMEs) are very well-known as executive director of the Center for Entrepreneurship Foundation,” Cristobal said.
“We’ll ensure full cooperation for a smooth transition. Like all other agencies, we have a transition report that we’ll turn over to the next secretary,” he added.
Cristobal said the certification awarding to Toyota and Mitsubishi for the CARS Program will be held today, June 15, at the Board of Investments.