The Board of Investments (BOI) is set to accept applications for the Comprehensive Automotive Resurgence Strategy (CARS) Program. Car and car parts manufacturers eligible for the program have sixty (60) days upon publication of the CARS memorandum circular to submit their applications. The memorandum circular announcing the opening of applications is scheduled to be published on Friday, January 15, 2016.
An interagency committee, composed of representatives from the Departments of Finance, Transportation and Communication, Science & Technology; Technical Education and Skills Development Authority; the Industry Development Council; and the National Competitiveness Council, will evaluate the applications within the prescribed one-month period. Board decisions are expected to be announced before June 2016.
“The opening of applications a week earlier than the mandated schedule augurs well for the CARS program. We are especially enthusiastic for small and medium enterprises (SMEs) in the car parts manufacturing sectorthatstand to benefit from the program,” Department of Trade and Industry (DTI) Undersecretary and Board of Investments (BOI) Managing Head Dr. Ceferino S. Rodolfo said.