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The Board of Investments wants to have more incentives to attract vehicle manufacturing investors in the Philippines.

The Board of Investments wants to have more incentives to attract vehicle manufacturing investors in the Philippines. Officials joined a press conference for the upcoming Auto Parts & Vehicle Expo 2024. Jekki Pascual, ABS-CBN News

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The Board of Investments wants to have more incentives to attract vehicle manufacturing investors in the Philippines

Jekki Pascual

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="The Board of Investments wants to have more incentives to attract vehicle manufacturing investors in the Philippines. Officials joined a press conference for the upcoming Auto Parts &amp; Vehicle Expo 2024. Jekki Pascual, ABS-CBN News" src="https://news-workbench-api.abs-cbn.com/api/upload-raw/2024022208028/9730a74a393dde4ac92407fac1bf2abd2381a376c32b2408c485eb2ca0fa7471.jpg" class="fr-fil fr-dib"/><figcaption>The Board of Investments wants to have more incentives to attract vehicle manufacturing investors in the Philippines. Officials joined a press conference for the upcoming Auto Parts &amp; Vehicle Expo 2024. Jekki Pascual, ABS-CBN News</figcaption></figure></div>MANILA -- The Board of Investments on Thursday said it wants more tax perks for auto parts manufacturers to boost investments in the sector.The BOI said it seeks to integrate CARS-like incentives into the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE law as the current incentives are not attractive to investors.CARS refers to the Comprehensive Automotive Resurgence Strategy program that aims to revitalize the automobile industry in the Philippines. It was an executive order signed in 2015 and extended in 2023 that offered fixed investment support and production volume incentives.At the press conference for the upcoming Auto Parts &amp; Vehicles Expo 2024, BOI Supervising Investment Specialist Elvin Garcia said the BOI hopes CARS-like incentives will now become a law to attract more investments in the manufacturing sector.“Under the CARS program, we offered incentives comprising of fixed investment support. Fixed investment support is, for example, they invested P100 million in vehicle assembly or manufacturing, then 40 percent of that amount- P40 million- can be availed by the participant as a tax credit, which they owe to the national government, so they pay their income tax, their VAT, excise tax payments,” he said.Garcia added that based on talks with various stakeholders, including the Chamber of Automotive Manufacturers of the Philippines, the existing income tax holiday is not enough to attract investors both local and foreign. He said CARS incentives are more generous than current incentives under the CREATE law.“CAMPI stated that If the Philippine government wants to raise the level of the Philippine automotive industry higher it has to offer more than the income tax holiday,” Garcias said.BOI is advocating for the inclusion of CARS-like incentives into the CREATE law to expand the menu of incentives. The agency is also supporting a House bill on the development of the Philippine motor vehicle sector.

The Board of Investments wants more incentives for car parts manufacturers in the Philippines.

The Board of Investments wants more incentives for car parts manufacturers in the Philippines.

BOI eyes more tax perks for car parts makers in CREATE law

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BOI eyes more tax perks for car parts makers in CREATE law

Jekki Pascual,

ABS-CBN News

Published Feb 22, 2024 07:55 PM PHT

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cars

car parts

auto parts

motoring

tax perks

fiscal incentives

CREATE Law

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