DTI to start accepting applications for CARS
The Department of Trade and Industry is finally opening next week the application period for the Comprehensive Automotive Resurgence Strategy program, as it sought to move forward within the year the implementation of this scheme.
The program dangles some P27 billion worth of incentives to local automotive assemblers.
“We will fast-track the implementation of the CARS program this year. We have published the implementing rules and regulations and the joint administrative order on the mechanism. We will start accepting applications next week,” Trade Secretary Adrian S. Cristobal Jr. said.
Interested parties are given 60 days to apply, after which the DTI will choose only three participants for the CARS Program.
In case there are no applicants, the DTI has the option to reopen the application period.
Under the CARS program, the Philippines is expected to attract more than P27 billion in new parts manufacturing investments; produce at least 600,000 vehicles; generate some 200,000 new jobs, and generate economic activity worth about P300 billion. The resulting contribution to gross domestic product was estimated at about 1.7 percent.
According to Cristobal, the CARS program may serve as a model for the other schemes that will be crafted to revitalize other industries that are deemed important in further boosting the economy and ensuring inclusive growth.
“We see the CARS program as a template for industry development—for focused, targeted industry development. We are now looking at other roadmaps and we would like to package three to five more programs of this kind,” Cristobal said.
The trade chief, however, declined to identify the industries targeted.
There are at present 40 sectoral roadmaps that have been crafted by the private sector and which are supported by the government through the DTI. Amy R. Remo
