‘CARS funding fix to boost investor confidence’

The country’s automotive parts makers and the umbrella group of manufacturers welcomed the government's move to find a funding solution for its vehicle manufacturing incentive program, citing its importance to sustaining investor confidence and policy stability.

- By LOUELLA DESIDERIO

Philippine Parts Makers Association (PPMA) president Ferdinand Raquelsantos said that the government's announcement that it has finalized a funding solution for the Comprehensive Automotive Resurgence Strategy (CARS) program is an important step in sustaining investor confidence and reaffirming the government’s commitment to revitalizing local automotive manufacturing.

Last Friday, Finance Secretary Frederick Go said the CARS program would be funded after President Marcos vetoed its allocation in this year’s budget.

Raquelsantos said the P4.32 billion allocation for CARS is vital in supporting the continued operations and production plans of the program's participants, including vehicle manufacturers and their local suppliers.

“This resolution strengthens policy stability, protects jobs and helps preserve the manufacturing ecosystem that the Philippines has worked hard to build over the years,” he said.