The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said the funding solution for the Comprehensive Automotive Resurgence Strategy (CARS) Program incentives has put back the investment planning of investors in the domestic automotive industry.
“This gives renewed confidence in our industrial policy and puts the automotive sector back on track for long-term investment planning,” said CAMPI in a statement.
CAMPI thanked the concerned agencies – the Department of Trade and Industry, Board of Investments, Department of Budget and Management, and the Department of Finance, for its prompt action to resolve the issue on CARS incentive funding.
Meantime, CAMPI and its members said they are looking forward to the implementation of the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, which will be instrumental in industry recovery and growth.
CAMPI vowed to continue to work with the Government and our auto-supporting industries in coming up with programs and policies to sustain automotive manufacturing in the Philippines.
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