Manila, Feb. 18 -- The Department of Trade and Industry (DTI) is finalizing a new incentive program to attract car companies to bring in their manufacturing operations in the Philippines.

Office of the Special Assistant to the President for Investments and Economic Affairs (OSAPIEA) Secretary Frederick Go said in an interview Monday that the DTI would be rolling out the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program, a re-designed version of the Comprehensive Automotive Resurgence Strategy (CARS) program.

Like the CARS program, Go said RACE would provide incentives to new car models that will be manufactured here.

It also aims to increase the domestic sourcing of locally assembled vehicles enrolled ...