While much of the attention last week went to the government’s P60-billion incentive package for electric vehicle (EV) manufacturers, there may soon be good news for their counterparts in the internal combustion engine (ICE) business.
That is, if you’re Toyota or Mitsubishi—the two companies that participated in the government’s first automotive manufacturing incentives scheme, the P27-billion Comprehensive Automotive Resurgence Strategy (Cars) program.
From what we’re told, the government appears determined to finally settle the nearly P4 billion in remaining incentives owed to the two carmakers before the end of the year, although no specific timetable has been set.
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“Can’t say which month but the government is really working on it and hopes to resolve it before the year ends,” said Ma. Corazon Dichosa, executive director of the Board of Investments (BOI), in a message to Biz Buzz.FEATURED STORIES
