REMEMBER the CARS (Comprehensive Automotive Resurgence Strategy) program set in 2015 by the Department of Trade?
It was designed to provide tax perks to vehicle manufacturers for production quota in a given time.
Those picked as recipients were Toyota and Mitsubishi, which were both expected to churn out 200,000 units each of the Toyota Vios and Mitsubishi Mirage models, respectively, over a six-year period.
After starting production of said variants in 2018, the pandemic stalled targets during the height of Covid-19 lockdowns in 2020-2022, even as both Toyota and Mitsubishi had sourced 42 percent of their car components and parts locally.
Despite the production crisis, Toyota was still able to come up with 134,242 Vios units in December 2022 as against the 72,923 Mirage models as per DTI records.
The CARS program had allotted P27 billion as fiscal incentives, with the government expected to juice up P18.77 billion in net revenues from income taxes, value-added taxes and withholding tax payments.
Not bad. Let’s keep it up, fellers.
Sales surge
INDUSTRY sales continue to rebound as reflected in a recent joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA).
Last January alone, sales reached 29,499 units—equivalent to a 42.1-percent increase compared with 20,765 units recorded in the same period a year ago.
CAMPI President Atty. Rommel Gutierrez said, “The double-digit sales growth of 42.1 percent, coming from a year-on-year robust growth performance in 2022, is a good development momentum for the auto industry as we start the year.”
He said the continued expansion from the demand-side standpoint was driven, in large part, by the growing domestic consumer market.
Revenge-spending mode?
“On the other hand, the supply-side challenges are factors that we couldn’t just ignore as they may hamper the industry growth,” Gutierrez added. Overall, Gutierrez said the industry’s economic health will “ultimately depend on various economic key indicators.”
Always, focus on optimism. It’s the only way to nail progress against all odds.
Toyota love pitch
LOVE is still in the air as Toyota continues to dangle prizes for its select models, with the Vios 1.3 XE CVT going at only P115,350 down payment still in operation.
The deal includes a free one-year insurance, three-year LTO registration and no chattel mortgage at 60 months to pay via all-in cash out.
The Rush is also available at P176,400 down payment for the 1.5 G GR-S A/T variant.
The Wigo 1.0 E M/T is available at only P6,347 per month, with a 50 percent down payment at 60 months to pay.
Same with the Lite Ace, which comes at only P6,371 per month.
Now if you pay in cash, you get P50,000-savings for the Corolla Altis V HV and V variants, while the Innova fetches P20,000 in cash savings.
As for trade-in, the Vios for an SUV gives a P20,000-P30,000 rebate to include the Avanza and Veloz. The Innova draws 35k. Swap that Fortuner for Hilux at a 20k rebate.
Check out the full mechanics at https://toyota.com.ph/promos/GoForLove, or inquire online at toyota.com.ph/showroom. Also you can download the myTOYOTA PH APP for Android and iOS for all your Toyota needs, from car selection to car care, maintenance and upgrades.
PEE STOP With rains subsiding, golf tournaments are sprouting like mushrooms once again, attracting brand-new cars as either hole-in-one prizes or raffle giveaways…The PAL Interclub Golf in Cebu ending this week drew hundreds of players from all over the world, more than making up for its two-year absence due to the pandemic. Cheers!