Local automakers interested to join RACE

Local automakers have also expressed interest in participating in the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program, the Department of Trade and Industry (DTI) said.

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At a budget hearing on Wednesday, Trade Secretary Ma. Cristina A. Roque said that the new auto revival strategy has yet to be implemented.

“We want more companies to avail. Francisco Motors and other local companies have also expressed their interest to avail of this program,” she said.

“It is open to everyone. And the bottomline is, if they can [manufacture] 100,000 units in three years, then they will be able to avail of the incentives,” she added.

She said that the government is aiming to fast-track the release and the implementation of the joint administrative order that will govern the strategy.

“There are other departments involved, so it really needs to be cleared first by all the departments, and then from there, we will roll out,” she said.

“There’s no timeline yet, but we are fast-tracking it so that more players can join,” she added.

Aside from the DTI, the other departments involved in the RACE program are the Department of Finance and the Department of Budget and Management.

According to the secretary, the program will be open to as many players as possible, unlike its predecessor program, the Comprehensive Automotive Resurgence Strategy (CARS), which only had three slots.