"We will fast-track the implementation of the 'Comprehensive Automotive Resurgence Strategy' (CARS) program this year," said Department of Trade & Industry (DTI) Secretary Adrian Cristobal, Jr. The Board of Investments (BOI) has opened applications for the CARS program, one week ahead of schedule. CARS targets to generate 200,000 new jobs, bring in fresh investments worth US$1.2 billion, stimulate local demand by increasing vehicle sales to US$9.2 billion, and effectively implement industry regulations that will revitalize the Philippine automotive industry. The program is anchored on the resurgence of the automotive manufacturing industry and in priming the country as a regional automotive manufacturing hub.

In photo, Secretary Cristobal (left) who was the BOI's Managing Head and DTI Undersecretary for Industry Development for more than three years prior to his appointment as Secretary, turns over the leadership of the BOI to newly appointed Undersecretary and BOI Managing Head Dr. Ceferino Rodolfo (right). Rodolfo committed the full support of the BOI family in accelerating initiatives aimed at priming industries for global competitiveness. "We remain guided by the vision of Sec. Cristobal towards the resurgence of manufacturing in our country. We are inspired by his passion and motivated by his determination to grow our industries to create quality employment, achieve long-term inclusive growth, and sustain the competitiveness of our country," Rodolfo said. (BOI Infocomms)