Toyota Motor Philippines Corp. (TMP) is prepared to make additional investments in the locally produced Tamaraw if needed to qualify under the government’s Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program.
TMP Chairman Alfred V. Ty said the automaker has already expressed its intention to participate in RACE and is awaiting the final implementing guidelines that will spell out the program’s requirements and incentives.
“Oh, we’ve already applied. So, yes, we are ready. They know that, and they’ve said that it’s back on the table. We’re just waiting for the guidelines or regulations,” Ty said.
Asked whether Toyota was prepared to invest further or make adjustments to Tamaraw production to comply with a new set of requirements under RACE, Ty said the company was open to doing so.
“Okay, if necessary,” Ty said when asked about additional investments needed to meet the requirements.
Toyota’s readiness could provide fresh investment momentum for the domestic automotive manufacturing industry, with the Tamaraw already being assembled at TMP’s manufacturing facility in Santa Rosa, Laguna.
RACE is envisioned as the successor to the Comprehensive Automotive Resurgence Strategy (CARS) program and is intended to encourage greater local vehicle production, deepen the domestic automotive supply chain and attract investments in parts manufacturing.
The government has also indicated that it intends to settle incentives due to qualified participants under the existing CARS program before moving forward with RACE.
Final RACE guidelines will determine the production, investment and localization commitments that participating automakers will have to meet to qualify for government support.
