The Board of Investments awarded a certificate of registration to Toyota Motors Philippines Corp. as a participant in the Comprehensive Automotive Resurgence Strategy program.
Toyota is investing in the production of at least 200,000 units of Toyota Vios over the next six years.
Trade Secretary and Board of Investments chairman Ramon Lopez awarded the registration certificate to TMPC president Satoru Suzuki and vice chairman Alfred Ty on July 22, 2016.
BoI awarded a certificate of registration to Mitsubishi Motors Corp. in June for the enrollment of its Mirage/Mirage G4 model in the Cars program.
Cars program is an incentive package providing a fiscal-capped, time-bound and performance-based support to automotive industry players.
It aims to jumpstart the development of the Philippine automotive industry and make the country an auto manufacturing hub in Asean.
It also intends to raise the production level to a competitive scale by providing $1,000 per unit fiscal support for the production of three models with a combined 600,000-unit production requirement over six years and mandatory local production of body shell and large plastic parts.
It is expected to amplify the Philippine workforce, strengthen industrial linkages and attract additional investments.
Boi said with the certificates of registration awarded to two participating carmakers, it would now move to the next phase of the program, enabling the influx of projects related to new parts, investments, joint venture or technical licensing agreements.
This will further enhance the local parts making capability of the Philippines.
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