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Manila Bulletin devider Business devider Trade & Industry devider Economic managers vow to honor tax obligations for Toyota, Mitsubishi

Economic managers vow to honor tax obligations for Toyota, Mitsubishi

Published Jan 19, 2026 03:59 pm

At A Glance

  • Authorities reaffirmed the government's commitment to the auto industry, assuring investors and manufacturers that it remains a pillar of the country's long-term industrial development strategy, as economic officials vowed to settle obligations backed by issued and validated tax payment certificates (TPCs).
(Photos by John Louie Abrina I MB)
(Photos by John Louie Abrina I MB)
The Philippine government on Monday, Jan. 19, assured global automotive manufacturers of its long-term commitment to the domestic assembly sector, pledging to honor outstanding fiscal obligations under the Comprehensive Automotive Resurgence Strategy (CARS) Program despite recent budgetary shifts.
Finance Secretary Frederick D. Go, Budget Secretary Rolando U. Toledo, and Trade and Industry Secretary Cristina A. Roque issued a joint statement clarifying that a presidential veto of certain provisions within the CARS Program does not signal a withdrawal of state support.
The officials said that the government remains focused on the automotive industry as a primary pillar of its industrial development, job creation, and economic growth strategies.
The Department of Budget and Management confirmed that existing programmed appropriations within the fiscal year 2025 national budget are sufficient to settle valid obligations in a manner the agency described as lawful and fiscally responsible.
While the budget proposal for fiscal year 2026 omits a specific line item for program arrearages, the administration maintains the authority to utilize savings from the 2025 budget to cover validated claims, pending approval from President Ferdinand Marcos Jr.
The assurance comes as a relief to participating carmakers, including the local units of Toyota Motor Corp. and Mitsubishi Motors Corp., which have made significant capital investments to meet the program's production volume requirements.
Payments to these manufacturers and eligible auto-parts makers will be processed through the issuance of tax payment certificates (TPCs). These certificates serve as the primary mechanism for the government to return the fiscal support promised at the program's inception.
Secretary Go, who serves as the administration’s chief economic manager, noted that the CARS Program continues to act as a core booster for the local manufacturing sector.
He reiterated that the government would settle all dues in strict accordance with the law and the country’s available fiscal space.
Toledo echoed this sentiment, stating that the settlement process would be orderly and consistent with established budgetary rules.
The Department of Trade and Industry is currently in the process of verifying TPC claims to ensure all submissions are accurate and compliant with program guidelines.
Officials stated that no funds would be released until this validation process is complete, as part of a broader effort to protect public funds while maintaining an open dialogue with private sector partners. (Derco Rosal)
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