Create more employment opportunities and accelerate the development of nanoprenuers
The extension of CARS for 5 years will continue to provide incentives and support for manufacturers that meet specific requirements in terms of investment, production, and technology development.
President Ferdinand “Bongbong” Marcos Jr. approved the five-year extension of the Comprehensive Automotive Resurgence Strategy (CARS) program, following the recommendation made by the Private Sector Advisory Council (PSAC), with the goal of expanding the Philippine automotive industry.
The CARS program, initially introduced through the issuance of Executive Order No. 182 in 2015, gave participating automakers six years to reach the minimum volume target sales of 200,000 domestically produced automobiles for each of the enrolled car types in order to qualify for incentives.
CARS has demonstrated its effectiveness and value as a high-end manufacturing operation which has greatly helped in the creation of jobs, transfer technology, and boost global competitiveness by supporting domestic auto manufacturing and stimulating investment.
The extension of CARS for 5 years will continue to provide incentives and support for manufacturers that meet specific requirements in terms of investment, production, and technology development. CARS will also continue to provide significant employment opportunities as well as the foundation for the future development of the economy.
On the other hand, in a continuous effort to create more employment opportunities and accelerate the development of nanoprenuers, the PSAC introduced a new recommendation which further supports MSME development, the Motorcycle Micro Business Program.
While waiting for the passage of the law, PSAC is seeking for a Nationwide expansion via Executive Order which aims to create over two million jobs for habal-habal riders and provide access to transform their livelihoods, becoming platform self-entrepreneurs.
At the meeting, Sec. Bautista of the Department of Transportation (DOTr) provided an update on their ongoing review of the Executive Order (EO) for the Motorcycle Micro Business Program.
The meeting was attended by Vice President and Education Secretary Sara Duterte, Executive Secretary Lucas Bersamin, DOLE Secretary Bienvenido Laguesma, DTI Secretary Alfredo Pascual, NEDA Secretary Arsenio Balisacan, and other esteemed Cabinet Members. PSAC lead convenor and Aboitiz Group president and CEO Sabin M. Aboitiz and the Council’s jobs sector lead, RFM Corp. CEO Jose Maria A. Concepcion led the private sector’s representatives.
SM Investments Corp. Vice-Chairperson Tessie Sy-Coson, Magsaysay Group CEO Doris Magsaysay-Ho, Alliance Global Group CEO Kevin Andrew L. Tan, Ayala Corp. Independent Director Rizalina G. Mantaring, AC Education President and CEO Alfredo Ayala, and PSAC Secretariat’s Ginggay Hontiveros and DJ Sta Ana were also present at the meeting with Pres. Marcos.
Thet R. Mesias
Aboitiz Equity Ventures, Inc.
+63 917 303-6766