MANILA — The Board of Investments (BOI) has approved four projects worth PHP1.28 billion that support the Comprehensive Automotive Resurgence Strategy (CARS) Program.
In a statement Friday, BOI said Valerie Product Mfg., Inc. and Technol Eight Phils. Corp are investing PHP94.5 million and PHP495.9 million, respectively, for the manufacture of body shells part.
Manly Plastics, Inc. is also pouring in PHP520 million while Toyota Boshoku Phils. Corp. is investing PHP167.2 million for consoles and door trims production.
The companies will be supplying Toyota Motors Philippines Corp. (TMPC) for the local assembly of the Vios, the car model registered by TMPC under the CARS Program.
“With more investment opportunities from its supplier network and other related manufacturing activities, industrial linkages are strengthened and boost the capacity of Toyota to meet the growing demand of its best-selling vehicle,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said.
The CARS Program also requires participating car makers to bring in body shell and large plastics production here.
Part of TMPC’s commitment as a participating car maker in the CARS Program is to invest some PHP3.26 billion which will include investments of its parts suppliers.
The CARS Program aims to stimulate the manufacture of automotive vehicles in the country by providing incentives to qualified companies.
The government allocated about PHP27 billion in total fiscal incentives under the CARS Program for a period of six years. (PNA)
