Toyota Motor Philippines Corporation (TMP), the biggest participant in the Comprehensive Automotive Resurgence Strategy (CARS) Program, said the government’s commitment to honor its obligations under the program reinforces confidence in the Philippines as a sustainable base for automotive manufacturing.
“TMP sincerely appreciates the government’s decisive action to reassure investors and stakeholders who have long supported the Philippine automotive manufacturing industry. This move reinforces confidence in the country as a sustainable base for automotive manufacturing,” said TMP, the largest automotive company in the country.
It could be recalled that the budget for the CARS Program was among those vetoed by President Marcos Jr. under the 2026 General Appropriations Act. Government agencies led by the Departments of Trade and Industry, Finance, and Budget and Management quickly move to reinstate the more than PHP4 billion budget, intended to settle the committed fiscal incentives to the program’s participants that includes TMP, Mitsubishi Motors Philippines Corp. and some automotive parts manufacturers.
With the reinstatement of the budget, TMP said “We remain committed to working closely with the government in revitalizing the Philippine automotive industry as a driver of nation-building.”
