BOI awards registration certificate to Mitsubishi under CARS Program

BOI awards registration certificate to Mitsubishi under CARS Program. The Philippine Board of Investments (BoI) awarded today (June 15) the certificate of registration to Mitsubishi Motors Philippines Corporation for the production of 200,000 units of its Mirage/Mirage G4 model under the Comprehensive Automotive Resurgence Strategy (CARS) Program. The CARS Program is anchored on the resurgence of the automotive industry and in priming the country as a regional car manufacturing hub. Signed into law by President Aquino in May 2015 through Executive Order No. 182, the program provides successful car manufacturing company applicants fiscal support for their investments in the manufacture of body shell, large plastic parts, and other strategic parts that are not currently produced locally, and provides variable incentives to induce both volume production and logistics efficiency. Once the 3 Participating Car Makers (PCM) slots are subscribed, and the projects are fully implemented, the 6-year CARS Program is expected to draw P 27 Billion in fresh investments, manufacture 600 thousand more vehicles, add P 300 Billion to the domestic economy – equivalent to 1.7% of GDP – and generate up to 200 thousand direct and indirect jobs in auto manufacturing, parts making, distribution and ancillary services. Photo shows BoI Governor Henry Co (third from left) handing the certificate of registration to Mitsubishi Motors Philippines President and Chief Executive Officer Yoshiaki Kato (second from right). Trade Secretary Adrian Cristobal Jr. (third from right) witnessed the awarding of the certificate. They are joined by (from left to right): Trade Assistant Secretary Rafaelita Aldaba, BoI Governor Lucita Reyes, and Mitsubishi Motors Philippines Executive Vice President Shigeru Ogura.
(Photo by Little Wing Luna/DTI)