The Board of Investment (BOI) said it expects to completefiIts remaining P3.99 billion obligation will be to fund the Comprehensive Automotive Revitalization Strategy (CARS) program within the year.
Under the CARS program, the government provides certain investment support and production volume incentives to participating automotive firms. Of the total commitment of P5.43 billion, P1.44 billion has been released so far.
BOI managing chief Ceferino S. Rodolfo expressed confidence that the government's obligations will be fulfilled this year.
“In 2026, it will end…it is not dependent on savings before it is released,” he told reporters.
Mr. Rodolfo said the BOI has started issuing Tax Payment Certificates (TPC) to program participants.
Mr. Rodolfo said participants can use the TPC at the Bureau of Internal Revenue (BIR) or the Bureau of Customs (BOC) to offset their duties.
The BIR and BOC will then bill the BOI for an amount equal to the submitted TPC, and the Department of Budget and Management will issue the necessary special allocation release order to cover the payment. , Von Andrei E. Villamiel