The Board of Investments is studying whether it would allow the two participants in the extended vehicle incentives program to introduce a third model so that they may hit the required volume of local production.
Toyota Motor Philippines and Mitsubishi Motor Philippines Corp. are given another five years to deliver the volume under the extended Comprehensive Automotive Resurgence Strategy program.
BOI managing head Ceferino Rodolfo said Toyota’s enrolled model, the Vios, continued to perform well in the local market, but Mitsubishi’s Mirage may need more assistance if it is to reach the 200,000 units required under the program.
“I guess the participants should be the ones who need to propose this. We cannot propose for them. They may launch an all-new model revamp or introduce another model to comply with the volume requirement,” he said.
Rodolfo said the government is willing to listen and assist them so they can comply with the requirements and maximize the benefits given under CARS. Othel V. Campos