Funding source for RACE program yet to be identified
As their efforts had already generated economic benefits
The Philippine automotive industry recently took a blow as President Ferdinand Marcos Jr. vetoed financial support for two major and ongoing programs in 2026.These are the Comprehensive Automotive Resurgence Strategy (CARS) and the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE)
The government reportedly has about P4-B in arrears under the two programs
In light of the pandemic, the Philippine government decided to extend the Comprehensive Automotive Resurgence Strategy (CARS) program-a move that favored both Toyota Motor Philippines (TMP) and Mitsubishi Motors Philippines (MMPC) as well as the local auto industry. For 2026, however,
