Mitsubishi Joins Philippine CARS Program
Mitsubishi Motors Philippines Corp. announced in mid-February that it plans to invest 4.3 billion Philippine pesos (about $90 million US) in the Philippine CARS Program.
The CARS Program, or the Comprehensive Automotive Resurgence Strategy Program, is designed to attract investments and revitalize the automotive industry in the Philippines, turning it into a center for vehicle production. The program was implemented by the Philippine government in 2015 and offers more than P27B in incentives to local auto assemblers.
MMPC will use the incentives of the CARS Program to send the sedan and hatchback versions of the 2017 Mirage into production. Part of the P4.3B MMPC invests will go to building a stamping facility to ensure more content is created locally.
Mitsubishi’s involvement in the CARS Program, its large investment, and the operations at its Sta. Rosa plant where it will begin building the new Mirage will help to expand job opportunities in the area. Mitsubishi will buy from local parts suppliers and in exchange provide them with new technologies.