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Manila Bulletin devider Drive devider Toyota and Mitsubishi share gratitude for government solution to CARS program incentives

Toyota and Mitsubishi share gratitude for government solution to CARS program incentives

Published Jan 21, 2026 04:51 pm

At A Glance

  • Participants of the government's Comprehensive Automotive Resurgence Strategy (CARS) program expressed their gratitude to the government for finding a solution to the incentives promised for participating in the CARS program.
  • Toyota Motor Philippines Corp. (TMPC) and Mitsubishi Motors Philippines Corp. (MMPC) are the two participating companies, enrolling their Vios and Mirage models, respectively.
Participants of the government’s Comprehensive Automotive Resurgence Strategy (CARS) program — Toyota Motor Philippines (TMP), and Mitsubishi Motors Philippines Corporation (MMPC) — expressed their gratitude to the government for finding a solution to the incentives promised for participating in the CARS program.
Under the CARS program, the government provides fiscal support to companies that manufacture at least 200,000 units of their enrolled car model within six years.
Toyota Motor Philippines Corp. (TMPC) and Mitsubishi Motors Philippines Corp. (MMPC) are the two participating companies, enrolling their Vios and Mirage models, respectively.
Under last year’s national budget, the CARS program was ₱87.97 million for fiscal support arrearages, alongside ₱1.47 million for its operating requirements.
This year, the entire budget for the fiscal support arrearages of the Comprehensive Automotive Resurgence Strategy (CARS) program amounted to ₱4.32-billion. For the year, the program will have a budget of only ₱1.49 million for operating costs.
It was Marcos himself who vetoed the ₱4.32-billion budget for the CARS program in this year’s national budget, which was supposed to fulfill the entire remaining obligations of the program.
The arrearages for the CARS program were among the line items under unprogrammed appropriations scrapped by Marcos, totaling ₱92.5 billion.
The government’s obligations to investors are unpaid incentives, in the form of tax payment certificates (TPCs), that participants may use to settle their tax and duty obligations.
Based on the TPCs already issued and validated, the government has the capacity to settle dues to participating car manufacturers and eligible auto parts makers.
In addition, the government will also tap “declared and verified savings” from the DPWH's budget last year, which posted a surplus largely due to corruption in flood control projects.
These funding sources will still be approved by President Ferdinand “Bongbong” Marcos Jr., in accordance with existing laws and applicable budgetary rules and regulations.
Gratitude from participants
TMP and MMPC were quick to express their gratitude after the government quickly found a solution to funding the incentives despite the budget veto.
“Toyota Motor Philippines Corporation (TMP) welcomes the Philippine government’s clarification on its fiscal means and reaffirmed commitment to honor its obligations under the Comprehensive Automotive Resurgence Strategy (CARS) Program,” it said in a statement.
“TMP sincerely appreciates the government’s decisive action to reassure investors and stakeholders who have long supported the Philippine automotive manufacturing industry. This move reinforces confidence in the country as a sustainable base for automotive manufacturing.
“We remain committed to working closely with the government in revitalizing the Philippine automotive industry as a driver of nation-building.
The same sentiment was expressed by Mitsubishi.
“Mitsubishi Motors Philippines Corporation (MMPC) expresses its sincere gratitude to the Philippine government for securing funding for the Comprehensive Automotive Resurgence Strategy (CARS) Program incentives,” said MMPC in a statement. “This demonstrates clear commitment to the local automotive industry and reinforces confidence in the sector’s stability and long-term prospects.”
“We are grateful to Finance Secretary Frederick Go for leading this initiative and to the Department of Budget and Management, Department of Finance and the Department of Trade and Industry and other government agencies for their coordination in ensuring the program’s commitments are fulfilled.
“MMPC remains dedicated to delivering quality vehicles to our valued customers and stakeholders. We will continue to maintain a responsible presence in the Philippines, supporting communities, contributing to economic growth, and upholding our role in the country’s long-term development.

Related Tags

Toyota Motor Philippines (TMP) Mitsubishi Motors Philippines Corp. (MMPC)
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