The Philippine government plans to finalize and release the guidelines for the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program by the end of this year, according to the Board of Investments (BoI).
Ma. Corazon H. Dichosa, BoI Executive Director for Industry Development Services, confirmed this timeline during the Fourth ASEAN Investment Forum.
Incentives for Local Automotive Production
The joint administrative order (JAO) is currently with the BoI, which is still gathering feedback on the proposed order.
Dichosa mentioned that the government is also prioritizing the implementing guidelines for the Electric Vehicle Incentive Strategy, set to open applications early next year.
While several companies have shown interest in the RACE program, only Toyota Motor Philippines Corp. has indicated plans to register its Tamaraw model.
- P9 billion in incentives for automotive manufacturers
- Three participating automakers to receive P3 billion each
The RACE initiative aims to stimulate local production of internal combustion engine vehicles. Despite earlier decisions to focus solely on electric vehicles, the government acknowledged ongoing demand for ICE vehicles.
Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo has noted that funding for the RACE program has been included in the Department of Trade and Industry's budget proposal for 2027.