Manila, Feb. 19 -- The government will earmark PHP9 billion as fiscal support for participating car makers (PCM) under the proposed Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program, which will be implemented through a Joint Administrative Order (JAO).

In a document shared by Board of Investments (BOI) Executive Director Ma. Corazon Halili-Dichosa to trade reporters, RACE targets to cover three specific models of four-wheeled internal combustion engines (ICE) that will pledge to locally manufacture 100,000 units.

This rule is more relaxed than the 200,000-unit minimum requirement of the previous program, the Comprehensive Automotive Resurgence Strategy (CARS).

"Both Toyota and Mitsubishi signified thei...