President Benigno Aquino III has issued an executive order (EO) for a Comprehensive Automotive Resurgence Strategy (CARS) to revitalize automotive manufacturing in the country.
The EO aims to give way for the implementation of the CARS program, which has been earlier presented to the business sector and is designed to build and grow the parts making capability of the auto industry.
The program is expected to create 200,000 direct and indirect jobs according to Deputy Presidential Spokesperson Abigail Valte, citing the Department of Trade and Industry.
The EO is intended to attract new investments, stimulate demand and effectively implement industry regulations that will revitalize the Philippine automotive industry, and turn the country into a regional automotive manufacturing hub.
The implementation of EO is necessary to reduce the cost gap of $2,000 between locally produced and imported vehicles as compared to neighboring countries. The program will provide non-fiscal assistance through existing laws.