CAMPI urges government action after the funding veto for CARS and RACE programs, vital initiatives for Philippine automotive manufacturing growth.
– Alex A – Lifestyle On Wheels
The Philippine automotive landscape faces a sudden detour as CAMPI expresses deep concern over the funding veto for the CARS and RACE programs. For car enthusiasts and local industry supporters, these programs are the engines behind homegrown manufacturing and a robust parts industry. CAMPI argues that fulfilling incentive commitments is vital for future investments. As the RACE program waits to bridge the gap to a more competitive future, the industry calls for urgent government collaboration to keep local production moving.
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Official Statement on the CARS and RACE Programs Funding Veto
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) believes in the importance of collaboration between Government and Industry in securing the future viability of the Philippine Auto Manufacturing sector. Such is crucial in creating a positive environment for future investments and help develop a more robust local Auto Parts Manufacturing Industry. Recent developments have raised serious concerns on the funding for the financial incentive commitments granted under the Comprehensive Automotive Resurgence Strategy (CARS) Program.
The participants should be able to receive their incentives based on their actual performance that already generated economic benefits. Meanwhile, the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program is an important transition to future industry development programs and should be implemented soon. Both CARS and RACE are fundamental programs that contribute to the overall industrial development of the country. We fully trust and support the efforts of key government agencies in urgently resolving these important matters.
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