DOF says funding for CARS program resolved

The government on Friday said it has already resolved funding for the Comprehensive Automotive Resurgence Strategy (CARS), after President Ferdinand “Bongbong” Marcos Jr.’s veto of unprogrammed funds.

According to Finance Secretary Frederick Go, the administration has already resolved the funding for the CARS program, which seeks to provide incentives for car manufacturers in the country.

This comes after Marcos earlier this month signed the P6.793-trillion budget for the fiscal year 2026, but vetoed nearly P92.5-billion worth of line items under the unprogrammed appropriations, including P4.32 billion for the CARS program.

“After the much chatter on the vetoed funding of the CARS program, the government finalized a funding solution for the CARS program, and therefore, car manufacturers enrolled in the program can now be assured that the government will fulfill its commitment to investors,” he said in a briefing in Taguig City.

Under the CARS Program, the government seeks to attract new investments, stimulate demand, and effectively implement industry regulations to boost the Philippine automotive industry and develop the country as a regional automotive manufacturing hub.

“I’ll let the DBM be the one to explain it, because that’s really under the Department of Budget and Management. It’s just the funding, we have already resolved it, and we will fund the CARS program this year,” Go said. —AOL, GMA Integrated News