Funding for vetoed RACE program still under discussion — Trade department

THE Department of Trade and Industry (DTI) said it is still in discussions for funding a vetoed incentive program known as Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE).

“We’re hoping for that, definitely. But I can’t really say when, we need to finish the discussion first,” Trade Secretary Ma. Cristina A. Roque told reporters on the sidelines of an event on Tuesday, when asked about the timetable for locking down the funding.

Nearly two weeks after the government restored funding for the Comprehensive Automotive Resurgence Strategy (CARS) program, its counterpart, funding for the RACE incentive scheme, remains unsettled.

Ms. Roque said CARS was given priority as the government still has obligations to enrolled investors, amounting to more than P4 billion.

The RACE program was designed to replicate CARS by providing fiscal support for capital expenditures on tooling and equipment, as well as for fixed investments.

Both incentive programs were to be funded by the unprogrammed appropriations vetoed by President Ferdinand R. Marcos, Jr. in the 2026 budget.

“We really have to continue giving the incentives to entice investors to the Philippines because they need to invest here,” she said.

The Philippine Parts Makers Association said only P125 million is needed to initiate and operationalize RACE. — Aubrey Rose A. Inosante