Following the veto of the budget for fiscal support to the Comprehensive Automotive Resurgence Strategy (CARS) program, Toyota Motor Philippines (TMP) underscored the need for sustained government backing to ensure the country’s competitiveness in the automotive manufacturing sector.
TMP President Masando Hashimoto made the statement on January 6, a day after President Ferdinand Marcos Jr. vetoed the allocation for fiscal support under the CARS program in the proposed 2026 General Appropriations Act.
Hashimoto said TMP shares the Philippine government’s objectives of nation-building through industrial development, noting that the company’s participation in the CARS program was aligned with this goal. He said TMP demonstrated this commitment by making major investments to meet the program’s target production of 200,000 units of the Toyota Vios within its six-year implementation period.
“After six years into the CARS program, we believe it has been a win-win concept between government and the private sector in attracting foreign direct investments,” Hashimoto said.
He added that the program delivered tangible benefits not only to manufacturers but also to consumers, while strengthening the country’s automotive ecosystem.
TMP expressed hope for continued mutual trust and collaboration with the government to encourage future investments, generate employment, promote technology transfer, strengthen domestic parts manufacturers, and maintain a vibrant manufacturing environment in the Philippines.
Earlier, Board of Investments (BOI) Managing Head Ceferino Rodolfo said the agency is coordinating closely with other government offices, particularly the Department of Budget and Management (DBM), to identify a mechanism that will ensure the payment of outstanding fiscal support amounting to P3.9 billion.
The amount does not yet include TMP’s Production Volume Incentive application totaling P1.557 billion.
