CAMPI urges the government to resolve the funding veto for CARS and RACE programs to protect Philippine automotive manufacturing investments
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) has voiced serious concerns following the government’s veto of funding for the CARS and RACE programs. Highlighting the need for industry-government collaboration, CAMPI emphasized that performance-based incentives are vital for securing the future of local auto manufacturing. While the CARS program honors existing economic contributions, the RACE program is seen as a fundamental bridge to future industrial growth and a more robust local parts industry.
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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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