Philippines Launches RACE Program to Attract Automotive Investors
The Philippines is set to introduce the RACE program, an incentive scheme designed to attract automotive manufacturers by providing benefits for local production. It aims to increase domestic vehicle sourcing and requires job creation for eligibility. An initial budget of PHP250 million is allocated for 2025, supporting more participants than the prior CARS program.
The Department of Trade and Industry (DTI) in the Philippines is preparing to launch a new incentive initiative aimed at attracting automotive manufacturers to set up operations in the country. This initiative, known as the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE), will replace the earlier Comprehensive Automotive Resurgence Strategy (CARS) program. RACE is designed to offer benefits for producing new car models locally, thus enhancing domestic vehicle sourcing.
The RACE program aims to bolster local manufacturing by attracting automotive companies with incentives linked to job creation. With an initial budget of PHP250 million set for 2025, the DTI anticipates that RACE will allow more manufacturers to participate compared to its predecessor, CARS, thereby significantly enhancing the Philippine automotive industry.
Original Source: www.pna.gov.ph
