The Board of Investments (BoI) is considering P9 billion in fiscal support for its Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program, according to a report by BusinessWorld. The RACE program is designed to address continued demand for gasoline-powered vehicles as a transitional measure.
The proposed fiscal support is intended to serve as a bridge between the Comprehensive Automotive Resurgence Strategy (CARS) and the Electric Vehicle Investment Strategy (EVIS). The BoI aims to ensure a smooth transition for the automotive industry while maintaining competitiveness.
Details of the fiscal package and implementation timeline are still being finalized. The RACE program is expected to help sustain production volumes and employment in the automotive sector amid the shift toward electric vehicles.