The Department of Trade and Industry (DTI) will revive the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program to support internal combustion engine (ICE) vehicles, BusinessWorld reported. Trade Secretary Ma. Cristina A. Roque said the guidelines will be issued soon.
The revival comes as the market continues to show demand for ICE vehicles, despite the global shift toward electric vehicles. The RACE program, originally launched in 2020, provided incentives such as tax breaks and subsidies to automotive manufacturers and parts suppliers to boost local production and competitiveness.
The DTI's move signals a balanced approach to the automotive industry, acknowledging the ongoing relevance of ICE vehicles while also pursuing electrification efforts. Details on the new guidelines are expected to be released in the coming weeks.