CARS funding cut won’t stop Mitsubishi in Phl

Mitsubishi Motors Philippines Corp. (MMPC) said it will continue supporting the local automotive industry despite President Ferdinand Marcos Jr.’s veto of the CARS Program funding in the 2026 national budget.

In a statement over the weekend, MMPC said it respects the President’s decision, noting that it reflects fiscal discipline and responsible governance.

The company added that it will keep working with government agencies to ensure claims are processed efficiently and that policies remain clear, predictable, and transparent — key factors in boosting investor confidence.

Six decades of Phl vehicle manufacturing support

“For 60 years, MMPC has invested to strengthen local manufacturing, expand production capacity, and increase the localization of automotive parts,” the company said.

“We remain committed to the long-term competitiveness of the Philippine automotive sector — supporting local manufacturing, protecting jobs, and contributing to sustainable economic growth.”

The CARS Program, managed by the Board of Investments (BoI), was designed to provide P4.32 billion in performance-based incentives to companies producing at least 200,000 units of enrolled vehicle models.

Only two companies participated: Toyota Motor Philippines Corp. for the Vios and MMPC for the Mirage.

RACE’s 250-M allocation vetoed

The Department of Trade and Industry had also proposed a follow-up program called RACE to support additional vehicle models, but its P250-million allocation was also vetoed.

Overall, the President trimmed P92.5 billion in unprogrammed spending, citing the need to prioritize national interests and maintain fiscal discipline.

Despite the budget cuts, MMPC reiterated its commitment to local manufacturing, job protection, and the long-term growth of the Philippine automotive sector.