In a press statement, the Philippine Part Maker Association lauded the issuance last December 19, 2015 by the Board of Investments of the Implementing Rules and Regulations for Executive Order 182 or the Comprehensive Automotive Resurgence Strategy (CARS) Program. This is the new version of what used to be the old Motor Vehicle Development Program.
PPMA President Ferdinand Raquelsantos said this was very much awaited by the entire auto industry as it provides for fiscal and non-fiscal incentives aimed at encouraging the local assembly of automotive vehicles. “Now, we expect the car assemblers to go full blast with their expansion and product developments plans that they have temporarily shelved while waiting for this IRR. We expect investments in the auto industry, both foreign and local, to now go full steam ahead”.
