President Rodrigo Duterte attended on Monday the launching of Mitsubishi’s Mirage G4, assembled completely in the Philippines under the Comprehensive Automotive Resurgence Strategy (CARS) Program.
In a speech during the program, the President thanked Japanese investors for their trust and confidence in the Filipino people.
“Truly, your continued investments and expansion of business in the country have contributed to the flourishing economy of the Philippines,” he said addressing a crowd in Malacanang’s Rizal Hall.
“The CARS Program demonstrates our commitment to pursue initiatives that will create more jobs for our people and help achieve sustained prosperity in our country,” he added
He noted that the program complements the government’s Zero Plus Ten-Point Socio-Economic Agenda aimed at improving all sectors towards efficiency and development.
The President also assured car industry stakeholders that his government will take due consideration of their concerns about the government’s package of proposals and fiscal reforms.
“We will ensure that its impact will be fair and supportive of your growth as participants in the CARS Program,” the President said.
He encouraged investors to continue working together with the government in enlivening business environment and in making the Philippines not only a regional auto manufacturing hub, but as one of the world’s liveliest economies.
Mitsubishi Motors Philippines Corp. (MMPC) announced on Monday the commencement of the local production of the Mirage G4 in its 21-hectare plant in Sta. Rosa City, Laguna.
The Mirage G4 is the the first vehicle that is manufactured locally under the Philippine government’s CARS Program.
CARS program is a fiscal-capped, time-bound and performance-based program provided by the government to help elevate the Philippine automotive industry. It is specifically implemented to transform the Philippines into an automotive manufacturing hub in the region.
The government will give incentives to manufacturers who commit to manufacture 200,000 vehicles of their chosen model in a span of six years.
The local production of the Mirage entails additional job opportunities to both MMPC and local parts suppliers. Some of the local parts suppliers will also take advantage of technology transfer from their foreign partners for the overall improvement in operations, efficiency and quality.
With the start of the production of the Mirage G4 and the Mirage Hatchback in May, MMPC aims to manufacture 20,000 units at the end of the year.
The new stamping plant is also set to start operation in January 2018, which is expected to even increase further local content and boost production volume of MMPC by 50 percent.
MMPC has already invested P4.3 billion pesos for the production facilities and equipment required localization of the Mirage models.###PND