MANILA, Philippines - The Philippines plans to give car companies incentives to help the country compete for car manufacturing plants in the ASEAN region.
Confirming a Bloomberg report, Trade Secretary Gregory Domingo told ANC he is hoping President Aquino can sign an executive order on the incentives within the year.
"We want to be a regional player. Everything we do is directed in that direction. It could be like what we gave Ford, only bigger," he said.
Domingo said an example would be the tax credits Ford was given to build its Sta Rosa manufacturing plant in 2002.
Ford got a tax credit for every car it exported, but Ford closed the plant in 2013.
"It could be some kind of credit, not just monetary. The question is whether the incentives are the right amount," Domingo said in a phone interview.
Domingo said after the EO legislated incentives may follow.
The Philippines has had various plans to be a regional car manufacturing hub, but has been surpassed by Thailand and Indonesia.