Gov’t mulls $600-M fund for auto sector

MANILA, Philippines - The government is mulling investments amounting to $600 million to help make the country’s automotive industry competitive.   

Cabinet Secretary Jose Rene Almendras told reporters on the sidelines  of the Philippine Economic Briefing yesterday the government is  looking at providing around $600 million worth of investments for the automotive industry.   

“We’re still talking (about) the amount. It is not yet final...We’re  still looking at an amount that can work over three years or five years, depending on how it goes,” he said.   

He said the government is also still studying how the fund would be  used and deployed.   

The investment would be sourced from the government’s regular budget.   

The government is investing in the automotive industry as it is seen  to support the goal of making growth inclusive through the creation of  more jobs.   

“This is not about producing a car made in the Philippines. No. It’s about generating jobs. It’s about making sure there are many jobs we  can create here,” Almendras said.   

He said the government wants to finalize the details of the funding to  be provided for the government’s automotive industry program within  the year.  

“I think we can do it this year. I am sure it can be done this year.  (It just needs) some fine-tuning,” he said.