The government plans to allocate PHP9 billion in fiscal support for car makers participating in the proposed RACE program, aimed at boosting the local automotive industry.
The program, implemented through a Joint Administrative Order (JAO), targets car manufacturers who commit to producing 100,000 units of specific internal combustion engine (ICE) models, a requirement lower than the previous program’s 200,000-unit minimum.
Toyota and Mitsubishi have expressed interest in joining the program, with the application period set to open in April or May 2025.
Participating car makers will be entitled to fiscal support of up to PHP3 billion, with the release of funds tied to production milestones, starting from the first 1,000 units produced.
The program’s implementation will involve several government departments, including DTI, DBM, and DOF, with the JAO expected to be finalized by mid-March.
PROPOSED INCENTIVES FOR BUSINESSES UNDER RACE PROGRAM REVEALED BY DTI
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