The University of the Philippines (UP) and the Board of Investments (BOI) recently signed a Memorandum of Agreement (MOA) for the implementation of the Comprehensive Automotive Resurgence Strategy (CARS) Program CAPEX Verification Study. The ceremonial MOA-signing was held last September 6, 2019 at Quezon Hall. Present during the event was UP President Danilo L. Concepcion, Department of Industry Undersecretary and BOI Managing Head Ceferino S. Rodolfo, BOI Governor Napoleon E. Concepcion and UP College of Engineering (UPCOE) Dean and UPNEC Executive Director Prof. Ferdinand G. Manegdeg. Also present were UPCOE Faculty and Project Lead Dr. Louis Angelo M. Danao and CARS Program Manager Marissa F. Concepcion.
The Project, which will be implemented by the UP National Engineering Center (UPNEC), aims to verify the end use, capacity, appropriateness and reasonable value of the capital expenditures of CARS Program participants. The CARS Program has been adopted and is being implemented by the BOI in order to attract new investments, stimulate demand and effectively implement industry regulations that will revitalize the Philippine automotive industry, and develop the country as a regional automotive manufacturing hub. One of the support programs aimed at jumpstarting the resurgence of automotive manufacturing in the Philippines under the CARS Program is the provision for fiscal support to program participants in the form of Fixed Investment Support (FIS) and Production Volume Incentive (PVI).