Balance of CARS program funding worth P3.99 billion due for release this year — BoI – BusinessWorld Online
THE Board of Investments (BoI) said it expects to fulfill its remaining P3.99-billion obligation to fund the Comprehensive Automotive Resurgence Strategy (CARS) program within the year.
Under the CARS program, the government provides participating automotive firms with fixed investment support and production volume incentives. Of the P5.43-billion total commitment, P1.44 billion has been released so far.
BoI Managing Head Ceferino S. Rodolfo expressed confidence that the government’s obligations will be fulfilled this year.
“In 2026, it’ll be finished… it is not dependent on savings before it can be issued,” he told reporters.
Mr. Rodolfo said the BoI has begun releasing tax payment certificates (TPC) to program participants.
Participants can use the TPC at the Bureau of Internal Revenue (BIR) or the Bureau of Customs (BoC) to offset their duties, Mr. Rodolfo said.
The BIR and the BoC will then bill the BoI for the amount equivalent to the TPC presented, and the Department of Budget and Management will issue the necessary Special Allotment Release Order to cover the payment. — Vonn Andrei E. Villamiel