The Private Sector Advisory Council (PSAC) on Friday said President Ferdinand "Bongbong" Marcos Jr. has approved its recommendation to extend the Comprehensive Automotive Resurgence Strategy (CARS) program for five years.
In a statement, the PSAC said “the extension of CARS for five years will continue to provide incentives and support for manufacturers that meet specific requirements in terms of investment, production, and technology development.”
“CARS will also continue to provide significant employment opportunities as well as the foundation for the future development of the economy,” the advisory council said.
The CARS program, created through the issuance of Executive Order No. 182 in 2015, gives participating carmakers six years to comply with the minimum volume target sales of 200,000 locally manufactured cars each for their enrolled car models for them to get incentives.
Mitsubishi Motors enrolled its Mirage while Toyota Motors listed its Vios under the CARS program.
Mitsubishi’s participation in the program is set to expire this year, while Toyota’s will expire in 2024.
“CARS has demonstrated its effectiveness and value as a high-end manufacturing operation which has greatly helped in the creation of jobs, transfer technology, and boost global competitiveness by supporting domestic auto manufacturing and stimulating investment,” the PSAC said.
In February, the Palace announced that the Marcos administration is closely studying the the proposed extension of the CARS program.
Meanwhile, the PSAC said it also recommended to the President the Motorcycle Business Program.
The advisory council is seeking to expand the ongoing motorcycle taxi operations, which are currently under pilot study in Metro Manila and Metro Cebu, through an executive order as it aims to create over two million jobs for “habal-habal” riders while a legislation is pending. —Ted Cordero/ VAL, GMA Integrated News