Authorities are banking on the issuance of an executive order (EO) in a bid to extend the Comprehensive Automotive Resurgence Strategy (CARS) program for three years.
The Inter-Agency Committee (IAC) on Automotive Industry Development is pushing to extend the time for compliance without relaxing the volume requirement, Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said.
“We are confident that an executive order on the recommendation of the IAC for the extension of the compliance period for the cars program participants will be issued before end of June of this year,” Rodolfo said.
Under the CARS program, participating carmakers have six years to comply with the minimum volume target sales of 200,000 units each for their enrolled car models for them to get their incentives.
Toyota enrolled its Vios model and Mitsubishi listed Mirage under the CARS program.
Signed in 2015, CARS program is set to expire this year.
“We, of course, do understand the challenging unforeseen circumstances including the impact of the pandemic on the automotive demand,” Rodolfo said.